Mumbai, October 6: Shares of Avenue Supermarts, which runs the DMart retail chain, dropped about 6 per cent after top brokerages kept their sell ratings on the stock.

Goldman Sachs cut its target price to Rs 3,370 from Rs 3,450 and kept a sell rating. Citi also kept a sell rating with a target of Rs 3,300. Analysts said standalone revenue rose 18.4 per cent, but growth in same-store sales was weak.

The pressure comes from quick-commerce platforms such as Blinkit and Swiggy Instamart. They are expanding fast in metro hubs and hurting DMart's same-store sales growth, brokerages noted.

The company reported standalone revenue of Rs 19,206 crore for the September quarter, up 18.4 per cent from a year ago. It added 15 stores in the quarter, taking the total count to 518.

The stock traded near Rs 3,590 on October 5. Its full quarterly results arrive on October 10, which investors will watch for margin details.