business
breaking news Page Industries shares fall 14% to a 52-week low after management cites demand challenges
Financial performance also suffered from a difficult economic scenario and a general drop in consumption.
Shares of Page Industries fell 14% on Friday – their worst fall in more than a decade after management said demand prospects remained subdued for the next two quarters.
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The exclusive licensee of Jockey innerwear in India announced a 60% drop in net profit for the March quarter compared to the same period last year.
Profitability was affected in the quarter due to higher inventory levels acquired during the inflationary period and less than optimum capacity utilization, chief executive VS Ganesh said. The liquidation of this high-cost inventory was a key factor in the company’s lackluster performance.
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