Avenue Supermarts share hits 5% lower circuit after half of D-Mart stores shut down

Avenue Supermarts share hit lower circuit of 5% in early trade today after owner of retail store chain D-Mart said operations of half of its stores were closed, following the directions issued by authorities amid the lockdown.

Share  price of Avenue Supermarts was stuck in the lower circuit of 5% or loss of Rs 120 at Rs 2287.90 compared to the previous close of Rs 2408 on BSE.

The large cap stock saw only sellers and no buyers today.

Share of Avenue Supermarts, the parent of retail store chain D-Mart, has fallen after three days of gains.

It opened with a loss of 2.61% at Rs 2,345 on BSE.

The company is retailing only essential items from the operating stores and average footfall is "significantly lower than usual" due to several restriction imposed by the authorities, Avenue Supermarts said in an update on business operation to bourses.

Moreover, in the operating stores, footfall depends on the movement and timing restrictions enforced by the local authorities and "Overall, they are significantly lower than usual", it added.