(Updates)
** Shares of Kogan.com dive as much as 27.7% to A$5.08, their biggest intraday fall since Oct 29, 2018
** Stock top loser in ASX All Ordinaries Index
** The online retailer reports a 6.2% drop in quarterly gross sales to A$178.3 mln ($115.73 mln) due to a reduction in inventories; posts a 2.4% decline in revenue to A$105.9 mln
** However, co reports a 13.8% rise in gross profit to A$39 mln due to higher gross margin
** Citi says co's qtrly update showed accelerating decline in its marketplace gross sales and decelerating growth in Kogan First member adds and gross sales, a "dramatic departure" from growth propsects shown in Jan update
** Brokerage sees consensus downgrades likely following the update
** "We remain unchanged in our negative view on the competitiveness of the business" - Citi
** Shares hit lowest since Jan 25
** Stock has risen 34.4% YTD as of last close
($1 = 1.5406 Australian dollars)
(Reporting by Archishma Iyer and Echha Jain in Bengaluru)
((Archishma.Iyer@thomsonreuters.com;))
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