Shares of Aditya Birla Fashion & Retail Ltd. (ABFRL) declined for the fifth day in a row to hit a fresh 52-week low of Rs 206.60 on the BSE on Tuesday due to selling pressure.
After a gap-up opening, ABFRL shares touched a high of Rs 210 in early trade but later failed to maintain the rally with losses in the broader market.
ABFRL shares touched 52-week lows in the previous two sessions on Friday and Monday on the BSE. The stock has been on a falling streak on the NSE since March 22. Around 4.73 lakh shares of ABFRL traded on the NSE on Tuesday while the total market cap was Rs 19,653 crore.
The stock is trading around 41 percent down from its previous 52-week high of Rs 359.40 hit on November 1, 2022, on the BSE, while in the past year, it has lost around 30 percent.
ABFRL has lagged behind its peers in financial performance in the past year as its net profit margins and earnings per share were negative against peers like Trent and EMIL.
ABFRL shares have been on a decline despite a positive outlook by rating agencies earlier this month.
CRISIL Ratings this month upgraded the rating on the long-term bank facilities and non-convertible debentures of ABFRL to 'CRISIL AA+/Stable' from 'CRISIL AA/Positive’ following improvement in the fashion retailer’s financial risk profile.
ABFRL’s strong business risk profile is backed by the strength of apparel brands in the Madura division and the strong value proposition of the Pantaloons division, noted CRISIL.
ICRA earlier this month had also upgraded its rating on the long-term bank facilities of the company to ICRA AA+/Stable. ICRA stated that it expects the business and financial risk profiles of ABFRL will continue to further strengthen over the near term.
Shares of ABFRL are trading 0.62 percent lower at Rs 207.70.
(Edited by : Rukmani Krishna)
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