It seems like every industry is facing a tough face in India as Page Industries, also known as Jockey India, which had an exceptional rise in last 10 years from Rs 300 to Rs 36,000 has lost Rs 16,000 crore market cap. In the last 9 months, the company shares have fallen almost 45 percent because of the shrinking consumption in the country.

Interestingly, if we look at the overall business of Page Industries, its financial performance in the last financial year is way better. The profit of Page Industries has grown 13.5 percent to Rs 393.94 crore on a revenue of Rs 2,852.20 crore. But if we look at the quarterly performance, the revenue is decreasing with passing time.

Besides India, Page is one of the biggest innerwear makers for Jockey, with the exclusive license in Sri Lanka, Bangladesh, Nepal, UAE, Oman and Qatar. Page is also Indian licensee of swimwear brand Speedo. As of March 2018, Page workforce comes to 20,000 with manufacturing operations in 15 locations including Bengaluru, Hassan, Mysore, Gowribidanur, Tiptur and Tirupur. The company has a retail distribution network of more than 50,000 outlets in 1,800 towns all across India.

Experts believe that shrinking margins is also a major reason for this downfall.

Also Read: Sales Of Innerwear Brands Are Falling In India. See Why