On BSE, Arvind Fashions tumbled 8.78% to Rs 305 for the third trading session. Arvind Fashions’ shares slipped 13.14%. Total 53,000 shares were traded compared to daily average volumes of 36,000 in the previous two weeks.

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On November 2, the stock hit a 52-week high of Rs 389.45; in May, the stock hit a 52-week low of Rs 218.40. The stock had underperformed the market over November 22, sliding 48.98% as compared with a 2.52% fall in the Sensex.

The counter underperformed the market in Q2FY23, slipping 2.8% against Sensex’s 3.2% rise.

The scrip had outperformed the market in 2021, rising 8.79% against Sensex’s 4.61% rise.

On the daily chart, the stock was trading above its 50-day simple moving average (SMA) at 339.13, 100-day simple moving average (SMA) at 317.53 and 200-day simple moving average (SMA) at 293.55.

Arvind Fashions is a business of marketing and supplying branded apparel and accessories.

On a consolidated basis, the company’s net profit surged 118.7% to Rs 18.22 crore on a 45.5% jump in net sales to Rs 1,181.81 crore in the July-September quarter of FY23 over the July-September quarter of  FY22.