Shares of Avenue Supermarts Ltd., the parent company of DMart stores, fell by up to 5.9% during trading in Mumbai on Monday.

This marked the steepest decline in three months after the retail chain missed quarterly profit expectations for the ninth consecutive quarter, revealing slower profit growth for a third straight period ending December 31.

In response to increasing competition from rapid grocery delivery services such as Swiggy Instamart and Zomato’s Blinkit, Avenue Supermarts has raised discounts across its product offerings.

These services, which offer deliveries in as little as 10 minutes, are transforming the retail market in India.