Shares of Reliance-owned Alok Industries Ltd gained attention in trading today, Tuesday, after a significant rise of 13%. The stock reached an intraday high of ₹16.78, compared to its previous closing price of ₹14.88.
For the past several days, the stock had been declining. So far this year, it has fallen by 23% and has dropped nearly 40% in the last six months. On March 3, the stock hit a 52-week low of ₹14.50.
However, in just one day, it has rebounded by more than 15%. Meanwhile, the broader market remains under selling pressure, with both Sensex and Nifty declining by 2.4% in the last two days.
Current Shareholding and Market Performance
Alok Industries, a BSE 500-listed textile company, saw a strong correction on March 4. The stock’s 52-week high is ₹32, and the company currently has a market capitalization of ₹8,192 crore.
Mukesh Ambani’s Reliance Industries holds a 40.01% stake in Alok Industries, while JM Financial Asset Reconstruction Company owns 34.99%.
Together, they hold 75% of the company, while the remaining 25% stake is owned by public shareholders.
December Quarter Financial Results
Alok Industries reported a consolidated net loss of ₹273 crore for the quarter ending December 31, 2024, compared to a loss of ₹229.92 crore in the same quarter the previous year.
The company’s revenue fell by 31.06% to ₹863.86 crore, down from ₹1,253.03 crore in the previous year’s quarter.
For the nine months ended December 31, 2024, the net loss widened to ₹741.96 crore, compared to ₹630.89 crore in the same period last year. Meanwhile, revenue declined 31.8% year-on-year to ₹2,755.82 crore, down from ₹4,040.28 crore.
