Indian textile firm Alok Industries stumbles as quarterly loss widens

Alok Industries

19/07/2022 06:34

July 19 (Reuters) -    ** Shares of Indian textile company
Alok Industries  ALOK.NS  hit lower circuit, fall 5% to a near
three-week low of 20.05 rupees
    ** ALOK's June-qtr consolidated net loss widens to 1.42 bln
rupees ($17.76 bln) from a loss of 976.5 mln rupees a year ago,
as material costs surge 55%, co reported late Monday
 urn:newsml:reuters.com:*:nFWN2YZ1NE
    ** Co's rev jumps 56% to 19.72 bln rupees
    ** Stock marks sharpest intraday pct loss since May 12
    ** More than 1 mln shares change hands, vs 30-day avg of 1.4
mln shares
    ** Shares down 18.1% YTD up to last close

     ($1 = 79.9500 Indian rupees)

 (Reporting by Meenakshi Maidas in Bengaluru)
 ((Meenakshi.Maidas@thomsonreuters.com;))