Leading textile company Bombay Dyeing & MFG Co on Wednesday said its standalone net loss widened to Rs 119.84 crore for the first quarter ended June 30.
It had posted a net loss of Rs 76.84 crore in the corresponding period of the previous year.
The company has attributed this decline to lower sales in its polyester vertical.
Its revenue from operations also declined to Rs 498 crore during the quarter against Rs 606 crore in the year-ago period, the company said in a regulatory filing.
The company's revenue from polyester business fell to Rs 351 crore during the quarter under review compared to Rs 456 crore a year ago.
In a parallel development, the board of directors approved the termination of the Deposit Agreement with Citibank NA for the company's Global Depository Receipts (GDRs). Additionally, its GDRs are set to be delisted from the Luxembourg Stock Exchange.
Shares of Bombay Dyeing & MFG Co on Wednesday settled at Rs 115.60 apiece on BSE, up 2.71 per cent from the previous close.
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