India, Feb. 20 -- Walmart shares dipped as much as 7% in intraday trading as the company, which owns PhonePe and Flipkart, forecasted a dip in its earnings per share for the fiscal. This is the first time the company has forecasted a dip in its EPS since 2022.

"The company's guidance assumes a generally stable consumer and continued pressure from its mix of products and formats globally," Walmart said in a statement.

The sell-off in Walmart shares comes just four days after they closed at a record high. The dip in shares has put them on track to have their worst day since they fell 11.4% on May 17, 2022.

Walmart said that it expects first-quarter adjusted earnings per share of 57 cents to 58 cents, down from 60 cents a year ago and bel...