Honasa Consumer, the parent company of Mamaearth, saw its shares plummet 20% to Rs 297.25, dropping below its IPO price of Rs 324.
The sharp decline came after the company reported a net loss of Rs 19 crore in the July-September quarter, its first loss in five quarters. This is a significant drop compared to a profit of Rs 29 crore in the same period last year. Revenue fell 7% YoY to Rs 462 crore, while expenses rose 9% to Rs 506 crore. The loss was attributed to its shift towards a direct-to-consumer model under Project 'Neev,' causing inventory corrections.