The stock reaction reminds me of the song “Ye to hona hi tha” 
Sooner or later that was meant to happen because of various factors like human psychology, inertia, tendency to extrapolate etc. etc. The expectation & estimates were very high so even an excellent result resulted in drawdowns…guess most of the momentum investors quickly left the ship.
Looking little closely at the numbers, EBITA was closer to expectation but net profit was not because of reduction in other income and increase in depreciation cost. Maybe people with strong accounting background comment on depreciation costs for retail companies and see if this was expected and within healthy limits. Is this a result of too many store opening and we must expect this cost to bump up later as stores grow older? Don’t know much here…
Long story short – The exuberance has to end or consolidate at some point of time or other. Although very painful, especially for those who have large portfolio percent invested in the concerned company, but can be healthy over long term.
Personally, I trust the promoters, management, business and the new growth paths that they keep creating for themselves – I would not read too much into them like Star’s growth, Beauty, international etc. as they are very small now but intention & direction is right. I was mentally prepared for this crash and even more correction, although my largest holding & very painful, so needed a numbness pre-medication. At some point of time, I would be a repeat buyer again to add.
Disc: Largest holding so very biased. Not a buy/sell recommendation. Not eligible for any advice. Views only for learning and I can be wrong in all my assessments
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