The Covid-19 crisis is expected to materially dent the performance of India's retail sector across all distribution channels. The gradual closure of malls and standalone stores from mid-March onwards to April 14 will negatively impact the performance in Q4FY20, Q1FY21. Shortage of workers owing to lockdown has led many of our universe companies to shut down their manufacturing facilities. Furthermore, sales through the e-commerce space have also been severely impacted (especially for non-discretionary) owing to several restrictions on delivery. Q4, on an average, contributes ~24% of...