Trent Share Price Plunges Nearly 18% Following Bearish Analyst Commentary
Shares of Trent Ltd. revised the lower circuit limit to fall almost 18% to hit a near one-year low, after hitting 10% lower circuit limit on Monday at market open. This happened following bearish commentary from analysts after the company’s fourth-quarter business update and a larger market selloff.
Goldman Sachs cut its target price for Trent to Rs 6,760 from Rs 7,500, citing weaker than expected sales growth. Morgan Stanley also noted that Trent’s fourth-quarter top-line growth fell short of expectations.
Trent reported a 28% year-on-year increase in sales growth for the fourth quarter, a slowdown from the 37% growth seen in the previous quarter. The company’s standalone gross revenue for the quarter stood at Rs 4,334 crore, which was…
