Shares of Welspun drops by 4% in Q2

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The shares of Textile firm Welspun India has dropped by 4% at Rs 147.52 crore in Quarter 2 of this year.

Around 4 per cent stocks have fallen to Rs 59.50 on BSE while it plunged 4.11 per cent to Rs 59.45 on NSE.

The company has faced a net loss of Rs 147.52 crore for the second quarter ended September because of the Egyptian cotton products supply issue. 

In the last financial year, the net profit of the company touched Rs 179.37 crore in quarter 2.

Welspun India said in a BSE filing, “Income from operations stood at Rs 1,789.94 crore, up 21.81 per cent, from Rs 1,469.44 crore in same period last year.”

The company made a change of Rs 500.48 crore due to the Egyptian cotton issue. 

Welspun India and Gujarat-based textile firm signed a contract in August.