Why did Mamaearth shares fall 20% in 1 day and dip below their IPO price?

Mamaearth-parent Honasa Consumer's shares fell 20% to hit lower circuit on Monday, dipping below their IPO price of ₹324. This comes after the company reported its first quarterly loss in five quarters, seeing EBITDA loss of ₹30.7 crore and a 7% YoY dip in revenue. Additionally, global brokerage firm JPMorgan also gave an 'underweight' rating to Honasa's shares.