Shares of Avenue Supermarts, which runs the D-Mart chain of stores, hit an over-8-month low of 3,486 rupees, down 5% on BSE in Monday’s intraday trading. By comparison, at 11:34 a.m., the S&P BSE Sensex was down 0.91% at 54,335 points.
The stock, which has fallen 12% in the past two days, was trading today at its lowest level since August 11, 2021. It has corrected 41% from its high of Rs 5,899.90 over 52 weeks reached October 18, 2021.
In the business update for the January-March quarter (Q4FY22), the company said it had weak revenue even after factoring in some impact from the Omicron variant Covid-19. Autonomous revenue rose 18% year on year (YoY) to Rs 8,606 crore, up 39% from levels in 4QFY20 (which had nine days of lost sales, according to management).
Mixed revenue/sq ft fell 8% YoY to Rs 31,800 (5% below 4QFY20 levels), indicating weak same-store sales (SSSG) growth compared to our expectations of positive SSSG, had said Motilal Oswal Financial Services in its stock update.
That aside, Axis Mutual Fund Trustee Ltd A/C Axis Mutual Fund is the largest institutional shareholder of Avenue Supermarts, holding a 3.56% stake at the end of the March 2022 quarter, according to data on the chart. shareholding.
According to a report by Business Standard, Axis Mutual Fund (MF), the seventh largest fund house in the country, has suspended two fund managers, Viresh Joshi and Deepak Agarwal, amid allegations of irregularities in the management of their funds.
The fund house has reassigned its responsibilities to other fund managers in seven schemes, which have combined assets under management of more than Rs 7,700 crore. The Securities and Exchange Board of India (Sebi) has opened a preliminary investigation into the fund’s investment activity over the past two years, according to the report. CLICK HERE FOR THE FULL REPORT
First published: Monday 09 May 2022. 12:03 IST