India's Mamaearth parent set for worst week since debut on quarterly loss

Honasa Consumer

22/11/2024 06:39

** India's Mamaearth parent Honasa Consumer  HONA.NS  down
~2% at 233.65 rupees, set for a four-session losing streak 
    ** Stock down about 37% so far this week, on course for its
worst week since trading debut in Nov 2023
    ** The beauty and personal care products retailer posted its
first quarterly loss since listing, triggering a meltdown in its
stock and wiping off $415 mln in market value
    ** Analysts said Q2 results fanned demand and growth worries
for Mamaearth, which is also facing stiff competition from
larger rival Nykaa  FSNE.NS  and private players such as Health
& Glow
    ** Moreover, India's biggest retail distributors'
association on Tuesday accused HONA of dumping excessive
inventory, a significant portion nearing expiry, onto
distributors without considering market demand; HONA denied the
report terming it "misinformation"
    ** HONA stock drops ~31% since listing in Nov 2023
    
    

 (Reporting by Ananta Agarwal in Bengaluru)
 ((Ananta.Agarwal@thomsonreuters.com))