Alok Industries has tanked 29% to Rs 11, its lowest level since May 2003 on back of huge volumes. The stock opened at Rs 15.40 and hit a high of Rs 15.45 on the NSE.
A combined 21.39 million shares representing about 4% free-float equity of the company have changed hands on the counter so far, against an average around 6.5 million shares that were traded daily in past two weeks. The stock opened at Rs 15.40 and hit a high of Rs 15.45 on the NSE.
According to media reports, integrated textiles company plans to shut 45 non-profitable stores of its domestic retail business ‘H&A’ and is looking at ways to exit its UK retail chain business and is also selling real estate to reduce debt.
“As on June 30, Alok Industries’ debt stood at Rs 12,900 crore and to reduce this, it plans to sell non-core assets (land) worth Rs 1,500 crore this year. The company also plans to sell office space,” the report suggests.
