Shares of Varun Beverages (VBL) fell for the third straight day, falling 4% to Rs 1,177 on the BSE in heavy intraday trade on Thursday. Shares of the beverage company have fallen 10% over the past three sessions. In contrast, the S&P BSE Sensex was down 0.43% at 59,849 at 10:27 am.

The average over-the-counter volume has more than doubled today, with a total of 1.6 million shares changing hands on the NSE and BSE at the time of writing.

VBL’s share price has corrected 18% from its all-time high of Rs 1,432.05 touched on December 12, 2022, due to losses in the past three days. However, despite this, the S&P BSE Sensex rose 11%. Plus, it’s up 95% over the past year, while the benchmark index is down 2%.

VBL is a significant player in the beverage industry and one of the largest franchisees of PepsiCo in the world (outside the US). The company produces and markets a wide range of carbonated soft drinks (CSDs) and a variety of non-carbonated beverages (NCBs), including packaged drinking water sold under the PepsiCo trademark.