Welspun India shares tumble 4.5% on Q2 net loss

Shares of textile firm Welspun India today fell 4.5 per cent after the company reported a consolidated net loss of Rs 147.52 crore for the second quarter ended September.
The stock lost 4.54 per cent to end at Rs 62 on BSE. During the day, it slumped 9.46 per cent to Rs 58.80.
On NSE, it went down by 4.46 per cent to close at Rs 62.
Welspun India today reported a consolidated net loss of Rs 147.52 crore for the second quarter ended September due to provisions for Egyptian Cotton products supply issue.
It had posted a net profit of Rs 179.37 crore in the same period of the last financial year.

Its income from operations in the quarter under review stood at Rs 1,789.94 crore, up 21.81 per cent from Rs 1,469.44 crore in same period last year, Welspun India said in a BSE filing.
During the quarter, the company made a provision of Rs 500.48 crore on account of the Egyptian Cotton issue.
In August, the US retail giant Target Corporation terminated contract with the Gujarat-based textile maker over alleged lapses in its products supply.