Alok Inds wallows in mound of debt
By
Research Desk
about 8 years ago
Debt has once again done in Alok Industries. The company, which announced its Q2FY16 results today, posted a huge net loss of Rs.242 crore v/s net profit of Rs.45 crore in previous Q2 and profit of Rs.10 crore in Q1. Its interest outgo for the quarter was at Rs.600 crore and for H1FY16, interest outgo stood at Rs.1170 crore. The company is sitting on a debt of Rs.13,000 crore.
The stock is today the biggest loser of the day, down currently over 6% at Rs.6.70. With a market cap of over Rs.900 crore, the stock because of its debt is today reduced to a mere penny stock.