Shares of Sai Silk Kalamandir Ltd. fell over 12% on Monday and were the top losers on the BSE Smallcap index after an underwhelming business update for the third quarter.In an exchange filing over the weekend, Sai Silks had highlighted that the turnover during the December quarter stood at ₹411 crore, which is 8% lower than the ₹449 crore it reported during the same quarter last year.
For the first nine months of the financial year, revenue increased by 16% year-on-year to ₹1,235 crore from ₹1,063 crore during the corresponding period.
During the quarter, Sai Silks also opened five new stores, one under the Kanchipuram Varamahalakshmi Silks format, while four others were opened under the Valli Silks format.Monday’s fall for Sai Silks was the third straight day of losses for the stock, and also the biggest single-day fall since its listing in September 2023.
For the first nine months of the financial year, revenue increased by 16% year-on-year to ₹1,235 crore from ₹1,063 crore during the corresponding period.
During the quarter, Sai Silks also opened five new stores, one under the Kanchipuram Varamahalakshmi Silks format, while four others were opened under the Valli Silks format.Monday’s fall for Sai Silks was the third straight day of losses for the stock, and also the biggest single-day fall since its listing in September 2023.
Close to 62 lakh shares of the company were traded during Monday’s trading session, which was the highest volumes seen in the last three months. Out of those 62 lakh shares, 24.3 lakh shares were marked for delivery, significantly higher than the 20-day average delivery volume of 2.6 lakh shares.
With Monday’s fall, the stock has extended its drop to 40% from its issue price of ₹222 per share. Majority of this decline has come in the last three months, as the stock had retested its IPO price in October last year.
