ABFRL falls for fourth consecutive session; down over 25% in 3 months

Aditya Birla Fashion and Retail (ABFRL) declined 0.45% to Rs 233.20, extending losses for fourth consecutive trading session.

The scrip declined 11.09% in four trading session from its recent closing high of Rs 262.30 on 17 February 2023.

On the BSE, 73,762 shares were traded in the counter so far compared with average daily volumes of 1.16 lakh shares in the past two weeks.

The stock hit a 52-week high of Rs 359.40 on 1 November 2022. The stock hit a 52-week low of Rs 221.15 on 20 June 2022.

In the past three months, the stock has fallen 25.64% while the benchmark Sensex has lost 3.06% during the same period.

On the technical front, the stock's daily RSI (relative strength index) stood at 30.231. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

On daily chart, the stock is trading below its 50-day, 100-day and 200-day simple moving average (SMA) placed at 268.09, 296.20 and 287.28 respectively. These levels will act as resistance zone in near term.

Aditya Birla Fashion and Retail is engaged in the business of manufacturing and retailing of branded apparels and runs a chain of apparels and accessories retail stores in India.

The company's consolidated net profit declined 91.7% to Rs 15.79 crore on 20% jump in net sales to Rs 3,588.80 crore in Q3 FY23 over Q3 FY22.

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