Bombay Dyeing hits 1-week lows as Qtrly Sales dip

Shares of Bombay Dyeing & Manufacturing Company, a top-tier apparel maker, fell to 1-week lows after the company reported a quarterly loss on the back of a slowdown in its main divisions.

Bombay Dyeing reported a net loss of 53.4 crore rupees in its first quarter compared with a similar loss number a year ago. Sales during April-June fell xx percent to 393 crore rupees from 542 crore rupees in the year ago period. Bombay Dyeing said work at its textile unit remained suspended as it continued to negotiate with a potential buyer on its proposed sale. Revenue from both its textiles and polyester divisions slipped over the same quarter a year ago.

Only its real estate subsidiary showed traction.

As a consequence, Bombay Dyeing fell 4.85 rupees, or 5.6 percent, to 81.95 rupees on the National Stock Exchange, where 16.6 lakh shares were traded by 12:25 pm compared with the 5-day average of 46.6 lakh shares.

Bombay Dyeing's market capitalisation has slipped 13 percent in the past one year to 1,718 crore rupees as investors bailed out of the company's slowing businesses.
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