New Delhi, April 1 -- Nike shares came under severe selling pressure on Wednesday, 1 April, plunging 14.5% to an intraday low of $45.19 - the lowest level since October 2014 - as investor sentiment was dented after the sportswear giant issued a surprisingly gloomy outlook for current-quarter sales and flagged slower-than-expected progress in its turnaround while announcing its third-quarter performance.

The company's Chief Executive Officer, Elliott Hill, who took the helm in 2024, said it would take time to revive the iconic sneaker maker. He is now warning of another setback in one of its most critical markets.

Nike has reportedly seen sales decline in China for seven consecutive quarters, and the current one, ending 31 May, could be ...