Avenue Supermarts, Spencer's Retail, V-Mart zoom up to 20% on panic buying of essential goods

Retail sector stocks such as Avenue Supermarts, Spencer's Retail, V-Mart  and V2 Retail zoomed in early trade today after people resorted to panic buying of essential goods on the first day of complete lockdown in the country.

PM Narendra Modi yesterday announced a 21-day lockdown from March 25 to contain the rising number of coronavirus cases and deaths in the country.

While share price of V2 Retail was stuck in the upper circuit of 10%, Avenue Supermarts rose 3.69% , Spencer's Retail climbed 20%  and V-Mart stock gained 16% on the prospects of regular buying of essential goods during the lockdown.

V2 Retail share price rose 10% to Rs 37 compared to the previous close of Rs 33.65 on BSE.

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Avenue Supermarts share price too gained 4.30% to Rs 1,890 compared to the previous close of Rs 1,81.05 on BSE. Similarly, V-Mart Retail share price hit upper circuit of 20% to Rs 1,621 against previous close of Rs 1351.65.

Spencer's Retail share price hit upper circuit of 20% in early trade against previous close of Rs 56.15.

In India, number of positive cases of coronavirus have risen to 562, including 11 deaths.