MUMBAI: Shares of Varun Beverages, franchisee of Pepsico beverages, fell 7.1% on Thursday after the company reported weak volume growth in January-March due to the outbreak of covid-19.
At 0210 pm, shares traded at ₹597.40, down 3% from its previous close, while the benchmark index Sensex was down 0.8% at 31443.50 points.
The company's organic volumes were hit in the last 10 days of March due to the spread of covid-19 and the subsequent lockdown, the company said.
Lower volumes dragged core performance as profit before tax for January-March fell 87.5% to ₹7.79 crore from ₹62.51 crore in year-ago period.