New Delhi, April 11 -- The Phoenix Mills Ltd's shares fell almost 5% to Rs.1,495.80 apiece on Wednesday after its March quarter (Q4FY25) and FY25 operational business update disappointed. Sure, it reported its highest-ever annual consumption at Rs.13,760 crore, up 21% year-on-year, largely driven by the ramp-up of newly launched assets, including Phoenix Mall of Asia in Bengaluru and Phoenix Mall of the Millennium in Pune and expansion at Phoenix Palladium.

But, its Q4 consumption growth was slower at 15% year-on-year to Rs.3,260 crore. Sequentially, consumption declined 19%-a seasonal pullback-but also a sign that the post-festive surge may have peaked.

JM Financial Institutional Securities Ltd's calculation indicates a 6% like-for-lik...