Aditya Birla Fashion and Retail encountered a 2 percent decline in its shares on October 23, following the announcement of its subsidiary, Aditya Birla Digital Fashion Ventures, entering into a shareholder agreement and a share subscription agreement. These agreements facilitated the acquisition of a controlling 51 percent stake in Styleverse Lifestyle for Rs 155 crore.
By 11:00 am, Aditya Birla Fashion’s stock was trading at Rs ₹178.60 on the National Stock Exchange (NSE), marking a 1.81 percent decrease in a subdued domestic market.
Styleverse Lifestyle specializes in the manufacturing and retailing of apparels under renowned brands like The Indian Garage Co, Freehand, and Hardsoda. ABFRL, in an official statement, clarified that the business, previously operating under the partnership firm The Indian Garage Co, was transferred into SLPL through a Business transfer arrangement.
Comparatively, Aditya Birla Fashion and Retail experienced a decline of 32.4 percent in its shares over the past year, in stark contrast to Nifty 50’s growth of 11 percent during the same period. Additionally, the stock has maintained a flat trajectory over the last six months, exhibiting a marginal rise of 0.65 percent, whereas Nifty 50 demonstrated a significant uptick of 9.74 percent during this timeframe.