Honasa Consumer Share Price Hits Record Low For Second Day On Weak Earnings
Honasa Consumer share price declined 18.47% to Rs 242.35 apiece, hitting the lowest level since its listing.
Honasa Consumer Ltd.'s share price hit record low for the second session in a row on Tuesday. The Derma Co. and Aqualogica's parent company's stock price hit the 20% lower circuit in the previous session and fell beyond the price it was listed at on the bourses because of weak earnings.
Honasa Consumer reported consolidated loss of Rs 18.6 crore during July–September against expectation of Rs 6 crore profit by the analysts. In the corresponding period of the previous financial year, it reported a profit of 29.4 crore.
Following this surprise loss, brokerages and analsyts downgraded the Honasa Consumer stock and cut target prices which further weighed the sentiment for the Mamaearth parent company's shares. Analysts also flagged challenges for the beauty and personal care provider going forward.
Honasa Consumer share price was down 11.15% as of 10:15 a.m.
Honasa Consumer share price declined 18.47% to Rs 242.35 apiece, hitting the lowest level since its listing. The stock pared losses to trade 10.11% down at Rs 267.20 apiece as of 10:23 a.m., as compared to 1.06% advance in the NSE Nifty 50 index.
The stock declined 23.73% in 12 months and 39.45% on a year to date basis. Total traded volume so far in the day stood at 45 times its 30-day average. The relative strength index was at 14.56.
Out of 12 analysts tracking the company, six maintain a 'buy' rating, two recommend a 'hold,' and four suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 50.90%
