Shares of textile major Trident slumped more than three percent in early trade on Thursday to hit a new 52-week low. The stock opened on a weak note at Rs 29.42 and lost further ground to hit the lowest level in 52-weeks at Rs 28.43 apiece on BSE, which was nearly 4 percent lower from its previous close.

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Moreover, the stock has lost almost 50 percent from its 52-week high of Rs 58 touched on April 11, 2022. Similar movements were seen on the National Stock Exchange (NSE) too, where the stock dropped 3.21 percent to trade at Rs 28.6 apiece.

In terms of volume, 10.61 lakh shares were traded on the NSE and 7.36 lakh changed hands on BSE.

Last week, India Ratings and Research (Ind-Ra) revised Trident Ltd's outlook to stable from positive and affirmed the Long-Term Issuer Rating for Rs 125-crore non-convertible debentures at ‘IND AA’.

In December 2022, Ludhiana-headquartered textiles manufacturer Trident received a patent for the ‘Fabric and Method of Manufacturing Fabric’ from the Patent Office India.

Also Read: Trident shares gain after receiving patent for ‘Fabric and Method of Manufacturing Fabric’

Explaining the patented technique, the company has said that the invention comprises a method of producing fabric by subjecting it to a special treatment, thereby obtaining increased air space in the resultant fabric.

Shares of Trident recovered some early losses and were trading at Rs 28.72 apiece, down 2.84 percent, on BSE at 10:10 am.