Trent Ltd. erased $2 billion in stock market value over two days on concern Shein’s entry into India may challenge the Tata Group firm’s dominance of the domestic fast-fashion space.

Shares of Trent saw their biggest fall in three months, closing 6.3% lower in a second day of decline, following news on Monday that the China-founded company has made a comeback to India in partnership with Reliance Industries Ltd. Trent shares were among the worst performers on MSCI’s gauge of Asia Pacific companies on Tuesday.   

With Singapore-headquartered Shein restarting its India operations with billionaire Mukesh Ambani’s company, Trent’s market share in fast fashion will be challenged.

Trent — India’s fastest-growing apparel retailer — has so far successfully thwarted consumption slowdown in the country as its value-for-money Zudio brand continues to lure shoppers through brick-and-mortar stores, offering fast fashion for bargains of as low as INR500 ($5.7). 

“Value fashion segment gets more competition with Shein’s entry,” said Karan Taurani, an analyst with Elara Securities India Pvt. Taurani expects Shein’s product pricing could be at par with Trent’s Zudio but younger consumers have shown a tendency “to prefer offline shopping for apparel.” 

Shein’s mobile app and India website, Sheinindia.in, were launched without any fanfare last week by NextGen Fast Fashion Ltd. — a wholly-owned subsidiary of Reliance Retail Ventures Ltd.