Britannia Industries falls nearly 4% as worries over demand slump deepen

For the quarter ended June 30, 2019, Britannia Industries reported a 5.9 per cent year-on-year (YoY) growth in consolidated net sales at Rs 2,677.3 crore, while its net profit fell by 3.7 per cent YoY

Shares of Britannia Industries plunged nearly 4 per cent to hit a 52-week low of Rs 2,302 apiece on the BSE in intra-day trade on Wednesday, as worries over demand slump worsened. Parle Products, India's largest biscuit maker, said on Tuesday that it may be forced to layoff up to 10,000 people if the ongoing consumption slowdown persists. 

At 09:52 am, the stock was trading 1.52 per cent lower at Rs 2,358.25 apiece on the BSE. In comparison, the benchmark S&P BSE Sensex was quoting at 37,318 levels, down 0.03 per cent. 

“We have sought reduction in the goods and