New Delhi, Dec. 10 -- Varun Beverages, one of PepsiCo's largest global franchisees outside the USA, saw its shares tumble in 2025 as long-time bullish investors appeared to lose confidence. The decline follows weak financial performance in recent quarters, impacted by adverse monsoons, intensifying competition, and rising operating costs, raising concerns over near-term growth prospects and margin sustainability.

The company's shares started the year weak, falling a cumulative 32% in the first two months. They rebounded in March with a sharp 24% surge, recovering most of the losses.

However, the recovery was short-lived, as the stock slipped back into negative territory in the subsequent months. Despite a few intermittent positive month...