Avenue Supermarts slides after closure of some stores

Avenue Supermarts said some of its stores have remained closed for operations on certain days based on the directive by the local authorities.

"As we continue to respond to Coronavirus (Covid-19), the health and safety of our employees and customers remainsour top priority. We are committed to upholding our responsibility of providing daily essential products to all our customers who count on us during this critical period," Avenue Supermarts said in a statement issued after market hours on Monday, 23 March 2020.

The company said that some of its stores have remained closed for operations on certain days based on the directive by the local authorities. It added that it is currently selling only daily use essential items such as grocery and FMCG products at all its stores. The firm said it continues to receive regular supply of goods from all its suppliers and distributors.

The firm said it will continue to co-operate with all regulatory authorities and government bodies in in controlling the spread of Coronavirus (Covid-19).

Shares of Avenue Supermarts fell 0.93% to Rs 1810. The stock is currently down 29.27% from it 52-week high of Rs 2559 hit on 13 February 2020.

On a consolidated basis, Avenue Supermarts' net profit jumped 55.3% to Rs 384.04 crore on a 24.4% rise in net sales to Rs 6808.93 crore in Q3 December 2019 over Q3 December 2018.

Avenue Supermarts owns and operates D-Mart stores. D-Mart is a national supermarket chain that offers customers a range of home and personal products under one roof.

Powered by Capital Market - Live News