Varun Beverages shares now at 52-week low after first negative year since listing

Shares of Varun Beverages Ltd. are down 4% on Thursday, March 12, extending their losses for the fourth straight session. The stock has declined in seven out of the last 10 trading sessions and is now at a 52-week low.

With this fall, the stock is down nearly 8% in the month, following a 4.2% drop in February and another 4% drop in January as well. The last instance of the stock declining for three months in a row was back in April-June period of 2025.

The stock had made a 52-week high of ₹568.5 on April 17 last year, from which it has corrected over 25%.

On the charts, Varun Beverages had moved below all of its key moving averages at the start of February and has since continued to grind lower and remains below those levels. The first level on the upside is now the 50-Day Moving Average (DMA) and the 100-DMA, both of which are at ₹466 and ₹467 respectively.

For the most recent quarter, one of PepsiCo's largest bottling partner, saw a 14% growth in its topline, while its Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) rose 10% year-on-year to ₹639 crore. Domestic volumes had grown by 10.5% year-on-year.

None of the 29 analysts covering Varun Beverages have a "sell" rating on the stock. 26 of those have a "buy" rating and the other three have a "hold" rating. The consensus estimate of price targets implies a potential upside of 34% from current levels.

Shares of Varun Beverages are currently trading 3.3% lower on Thursday at ₹417. The early onset of summer, which could potentially boost demand for beverages, could be a near-term trigger for the stock. The stock had declined 23% in 2025, which marked the first ever year of the stock delivering negative returns in a calendar year since its listing, nearly a decade ago.