India, Aug. 18 -- Nike Inc. shares tumbled more than 3 per cent on Monday, touching a fresh 52-week low of $39.41, as weakness spread across the athletic apparel sector following disappointing guidance from a premium rival. The decline significantly outpaced the broader market, with the Nasdaq edging up 0.24 per cent and the S&P 500 slipping just 0.15 per cent on the day, while the Consumer Discretionary sector as a whole fell a comparatively modest 0.8 per cent.

By the time of publication, Nike shares were down 3.11 per cent, changing hands at $39.47, according to Benzinga Pro data.

Nike Stock: What triggered the sell-off?

The immediate catalyst traced back to On Holding AG, the Swiss performance footwear brand that has increasingly p...