India, Aug. 17 -- Nike Inc. shares fell more than 3% on Monday, hitting a fresh 52-week low of $39.41. The decline was sharper than the broader market move. The Nasdaq was up 0.24%, while the S&P 500 was down 0.15%.

Nike also fell more than the Consumer Discretionary sector, which declined about 0.8%. The latest drop has put Nike stock at an important technical support level.

One of the main reasons behind the selling pressure is the latest outlook from On Holding AG, a major premium sportswear rival of Nike. On Holding reported mixed second-quarter financial results, which raised concerns about the strength of demand in the premium sportswear market.

The company reported quarterly earnings of 44 cents per share, beating the analyst co...