Shares of Alok Industries Ltd slumped over 5% in Thursday's trade after the company reported consolidated net loss of ₹297.55 crore for the quarter ended March (Q4FY23). The loss was up 19% compared to ₹249.83 crore in Q3FY23.
The company reported consolidated total revenue of ₹1,569.72 crore for the fiscal year that ended March 31, 2023, down 23% from ₹2,031.44 crore for the fiscal year that ended March 31, 2022. Sequentially, the consolidated total revenue slumped over 8% for the quarter ended March.
On the technical front, the stock has fallen over 58% from its 52-week high of ₹29.2 recorded on February 22, 2023. The stock price fell 52.3% and underperformed its sector by 62.8% in the past year.
According to Rajesh Bhosale - Equity Technical and Derivative Analyst, Angel One, since it is a penny stock, generally it is recommended to avoid this counter.
"Today, it has seen gap-down opening, and may slip further in coming days towards the level of 10 , resistance is at 13.5 - 13.8," said Bhosale.
The stock's weekly average delivery volume is 38.57%.
