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