Shares of textile firm Welspun India extended their losses for the second straight session on Wednesday, falling over 4% after the company reported a consolidated net loss of Rs 147.52 crore for the September quarter.
The stock, after a weak opening, fell 4% to Rs 59.50 on the BSE.
On the National Stock Exchange, it dived 4.11% to Rs 59.45.
In the previous session too, the stock had lost 4.5%.
Welspun India on Tuesday 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.
Income from operations stood at Rs 1,789.94 crore, up 21.81%, 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, US retail giant Target Corporation terminated its contract with the Gujarat-based textile maker over alleged lapses in its products.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.