Honasa Consumer shares hit 10% upper circuit amid high volume
Honasa Consumer (Mamaearth) hit 10% upper circuit at Rs 251.5 in Thursday's trade backed by heavy volumes on the NSE. A total of 17.6 lakh equity shares worth Rs 43.94 crore changed hands so far.
This rally came after the stock had been under significant pressure. Honasa's share price had fallen nearly 40% over the past month and more than 50% in the last three months. It also dropped below its IPO price of Rs 324 earlier this month.
Also Read: Paytm jumps 3% as UBS hikes target price to Rs 1,000
The sharp selloff was triggered by Honasa’s first quarterly loss since its November 2023 listing.
For the September quarter of FY25, Honasa reported a net loss of Rs 19 crore, a sharp contrast to a profit of Rs 29 crore in the same period last year. Revenues fell 7% year-on-year to Rs 462 crore, impacted by sluggish demand, a one-time inventory correction of Rs 630 crore, and pressures on its direct-to-consumer (D2C) model.
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