Share Market Live

NSE

Shares of Relaxo Footwear fell to a 52-week low on Wednesday, continuing its trend of negative returns after a weak quarterly earnings performance.

The stock made a 52-week low of Rs 907 in intraday trading on Wednesday.

The popular footwear brand attributed its weak September quarter results to a decline in the volume of categories that serve the masses, along with high input costs. Inflationary pressures also hurt demand.

The company also took an aggressive price correction in September 2022, to be competitive in the market. Relaxo plans to clear all of its high-cost inventory by the end of next quarter. Higher raw material pricing also ate into margins.

Despite its worst performance in 10 quarters, broking firm Sharekhan remained bullish on the stock with a buy rating and a price target of Rs 1,185. On the other hand, Motilal Oswal remains neutral on the stock with a price target of Rs 900, which is close to its current market price.

Shares of Relaxo Footwear ended 0.7 percent lower at Rs 909. The stock has declined 30 percent this year, underperforming the benchmark indices as well as the broader market.