Saurabh Mukherjea says Trent’s sharp correction is driven by a clear slowdown in same-store sales growth amid a broader consumption slump. He warns that new labour laws will raise employer costs by 12% and that rapid automation and AI pose a bigger structural threat to India’s job market. Marcellus remains bullish on Trent, Asian Paints and healthcare names like Vijaya Diagnostics and Narayana Health.