India, Jan. 7 -- Trent Ltd., once a market darling that topped India's Nifty 50 index in 2024, is stuck in a deepening rout that's wiped out $20 billion in market capitalisation since then.

Shares of the Tata Group company fell nearly 40% in 2025-the first annual decline in more than a decade-and dropped another 9% on Tuesday following a disappointing third-quarter performance update. The company has guided for flattish growth in a festive quarter-sales are slowing from an increasing number of storefronts amid intense rivalry in affordable fashion.

The Mumbai-based company-which operates Westside and Zudio-is facing mounting pressure from Reliance Industries Ltd. and Aditya Birla Group which are expanding aggressively into affordable fa...