Alok Industries' Increasing Losses Raise Economic Concerns

Alok Industries reported a net loss of Rs 262.10 crore for Q2 2024, up from Rs 174.83 crore a year ago. Revenue dropped by 35.46% to Rs 885.66 crore. The company is jointly owned by Reliance Industries and JM Financial Asset Reconstruction, with stakes at 40.01% and 34.99%, respectively.

Alok Industries has disclosed that its consolidated net loss for the second quarter of 2024 surged to Rs 262.10 crore, compared to Rs 174.83 crore in the same quarter last year.

The textile manufacturer's revenue plummeted 35.46% to Rs 885.66 crore, down from Rs 1,372.34 crore year-over-year, as illustrated by the company's regulatory filing.

Alok Industries, partially owned by Reliance Industries and JM Financial Asset Reconstruction, also saw its shares drop 2.50%, closing at Rs 24.62 on BSE this Monday.

(With inputs from agencies.)