Vedant Fashions hits 18-month low, slips 7% on weak outlook

According to the management, the overall performance in 9MFY24 got impacted due to significantly lower weddings nationally, general slowdown impacting consumer sentiments

Shares of Vedant Fashions, which runs clothing brand Manyavar, hit an 18-month low of Rs 1,030 as it slipped 7 per cent on the BSE in Tuesday's intraday trade on weak business outlook and soft management commentary.

The stock is trading at its lowest level since July 2022. Moreover, it has corrected 31 per cent from its 52-week high level of Rs 1,487.90, touched on December 8, 2023. It had hit a record high of Rs 1,501.55 on October 6, 2022. 

Vedant Fashions, which made its stock market debut on February 16, 2022, issuing shares at Rs 866 a piece, is primarily