Padini was priced as a growth stock.
Once a growth stock's growth story 'ends', the stock price can reverse very fast and very drastic.
Have a study on how the mighty rubber glove stocks' growth story ended. The pullback in stock prices was drastic.
Padini's earnings on a q-q basic fell from 28+ to 24+ to 15+.
One way a fund manager would look at Padini is a profit of 15+ equals to eps of 2 sen only. At a rate of eps of 2 sen, annualised eps would be around 8 sen. Does Padini deserve the current price of 2.04? Such a fund manager would think Padini is way overpriced and sell the stock down.
On the other hand, there are some, would prices stocks based on future prospects and they might think Padini has decent prospects with its recent JV with FJ Benjamin and these people would still be bullish over Padini.