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Alok Industries shares drop 11.5% to fresh 52-week low
The textile firm hit a 52-week low of ₹9.16 on Friday and has lost more than 21% over the last five trading sessions, while Sensex and Nifty were only marginally lower.
Alok Industries shares fell sharply on NSE, dropping 11.5% on Friday to close at ₹9.24, after the stock touched a fresh 52-week low of ₹9.16.
Over the past five trading sessions, the textile company has been under pressure, losing more than 21% in that period, with the slide described as more stock-specific than part of a broader market sell-off, as the Sensex and Nifty were only marginally lower.
In an exchange filing, Alok Industries said it has seen a significant increase in the volume of the company’s security in the recent past, a development cited as part of the backdrop to the decline.
Fundamentals cited alongside the price move show consolidated net loss narrowing to ₹138.3 crore from ₹171.6 crore in the same quarter a year earlier, with revenue from operations up 6.5% year-on-year to ₹993.1 crore, while materials consumed rose nearly 18% year-on-year to ₹538.9 crore, according to LiveMint Markets.
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