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Trent sinks after temporary closure of retail stores

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Trent hit a lower circuit of 20% at Rs 404.40 after the company said it will temporarily close all retail stores till 31 March 2020.

Given the Coronavirus pandemic, Trent in an exchange filing during market hours today announced a temporary closure of all retail stores till 31 March 2020. The company also said it is adopting a work from home policy for office employees of the company.

The company said that the actions are taken consequent to notifications issued by local, state and central government to contain the pandemic and also considering the health of our employees and customers.

Twenty-two states in the country have announced a lockdown in 80 districts where Coronavirus cases have been reported so far. The lockdown will be in effect till 31 March 2020. During the lockdown, only essential services will be allowed to operate in all the districts which have reported cases or casualties due to Coronavirus. The lockdown is aimed at preventing a Coronavirus breakout in India.

Although Coronavirus started in central China, it is spreading faster in the rest of the world. The epidemic has grown to infect over 343,394 people with over 14,700 fatalities. India has reported 8 deaths and over 425 cases so far.

Trent is engaged in the retail sale of readymade garments. The company's segments include retailing and others. It primarily operates stores across three formats: Westside, Star and Landmark.

Trent reported a 21.5% rise in consolidated net profit to Rs 53.87 crore in Q3 December 2019 as against Rs 44.33 crore reported in Q3 December 2018. Consolidated net sales jumped 45.3% to Rs 988.29 crore in Q3 December 2019 as compared to Rs 680.3 crore reported in Q3 December 2018

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, March 23 2020. 15:21 IST