Bombay Dyeing slumps as Q1 loss widens to Rs 54cr

Net loss during the June quarter nearly doubled to Rs 54 crore compared to same quarter last fiscal

Shares of Bombay Dyeing were down 8% at Rs 67 after the company's net loss during the quarter ended June 30, 2014 nearly doubles on account of higher material and finance costs.

Net loss during the quarter ended June 30,2014 increased 93% to Rs 54 crore compared with Rs 28 crore in the same quarter last fiscal.

Cost of materials during the quarter increased 14% to Rs 321 crore while finance costs were higher by 26% at Rs 54 crore.

However, net sales during the quarter under review inched up 5% to Rs 542 crore compared with Rs 516 crore in the same quarter last fiscal.

The stock opened at Rs 68 and touched a low of Rs 66 on the BSE. Over 1.4 million shares were traded on both the stock exchanges so far.