V-Mart Retail slips after fire accident at Kanpur store

V-Mart Retail fell 1.43% to Rs 2767.55 after a fire accident took place at one of the company's store at Kanpur in Uttar Pradesh on Monday, 16 January 2023.

V-Mart Retail clarified that there was no loss or injury to human life. However, this has resulted in damage of inventory, fixed assets, cash and others in the store, thereby disrupting the operations of the aforementioned store. The company said that it has adequate insurance coverage and have already informed the insurance company about the incident. The company is in process of ascertaining the actual loss caused due to the fire.

Founded in 2002, V-Mart isacomplete family retail store chain offering apparel, footwear and accessories for men, women and kids. The company also offers a wide range of home furnishings, general merchandise, toys, tableware, utensils, and other home utility items.

V-Mart Retail reported net loss of Rs 11.31 crore in Q2 September 2022 as against net loss of Rs 14.14 crore in Q2 September 2021. Net sales rose 49.76% YoY to Rs 506.16 crore in Q2 September 2022.

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