Business
DMart's parent company, Avenue Supermarts, saw its shares fall 9.3% in early trade on Monday, reaching a low of Rs 4,143.60 on the Bombay Stock Exchange (BSE).
The stock fell sharply as multiple brokerage companies downgraded it, dropping its target price to as low as Rs 3,702.
DMart's second-quarter earnings did not match market forecasts and DMart reported an 8% year-on-year increase in profits.
The figures were disappointing because profit after tax (the money left over after all expenses) declined by more than 12% compared to the previous quarter.
The company's overall sales for the second quarter were Rs 14,050.32 crore, up 14% from Rs 12,307.72 crore the previous year.
However, this did not please investors and experts who expected higher results.