Shares of Varun Beverages Limited dropped by 3.46%, losing ₹21.75 to trade at ₹607.00 on the NSE as of 10:16 AM on October 24, 2024. The stock decline followed the company’s weak performance and concerns in the beverage industry regarding softer demand trends and rising input costs.
Varun Beverages’ stock decline resulted in a significant market cap loss. The company’s market capitalization dropped from ₹2,04,231 crore to ₹1,97,357 crore, translating to a loss of approximately ₹6,874 crore.
Stock price details:
- Open: ₹629.70
- High: ₹631.20
- Low: ₹605.80
- Previous Close: ₹628.75
Market Outlook:
The fall in Varun Beverages shares comes amid broader concerns surrounding global demand trends in the beverages sector, which has impacted investor sentiment. Despite robust revenue growth in previous quarters, the company’s near-term outlook remains cautious.
Investors will be closely watching for any updates or strategic measures from Varun Beverages to regain momentum and address potential challenges in the coming quarters.
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