Welspun India shares extend fall, dip over 4% on Q2 net loss

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New Delhi | Published: November 16, 2016 1:29:58 PM

In August, US retail giant Target Corporation terminated its contract with the Gujarat-based textile maker over alleged lapses in its products.

Welspun IndiaIt had posted a net profit of Rs 179.37 crore in the same period of the last financial year.

Shares of textile firm Welspun India extended their losses for the second straight session today, falling over 4 per cent 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 per cent to Rs 59.50 on BSE.

On NSE, it dived 4.11 per cent to Rs 59.45.

In the previous session too the stock had lost 4.5 per cent.

Welspun India yesterday 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 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, US retail giant Target Corporation terminated its contract with the Gujarat-based textile maker over alleged lapses in its products.

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