India's Alok Industries sees worst day in 8 months as Q3 loss widens

Alok Industries

19/01/2023 04:34

** Shares of Indian textile manufacturer Alok Industries
 ALOK.NS  fall as much as 5.02% to 14.2 rupees - steepest
intraday decline since May 12, 2022
    ** Co's Q3 consol net loss widened to 2.5 bln rupees ($30.74
million) vs loss of 900,000 rupees a year ago 
    ** ALOK's consol rev from ops dropped ~20% y/y to 17.06 bln
rupees 
    ** Stocks on track for a third consecutive day of fall, if
losses hold 
    ** More than 2.3 mln shares traded as of 9:50 a.m. IST, 1.4
times their 30-day moving average of 1.67 mln shares
    ** Stock fell ~40% in 2022, after gaining for two
consecutive years 
($1 = 81.3300 Indian rupees)
 (Reporting by Hritam Mukherjee in Bengaluru)
 ((Hritam.Mukherjee@thomsonreuters.com; +91 9830427878))