Shares of textile company Alok Industries tumbled on April 20 after weak earnings for the March quarter, with revenue falling and losses deepening.

On a consolidated basis, the company’s total revenue for the quarter fell to Rs 1,569.72 crore from Rs 2,031.44 crore a year ago. The quarterly loss surged over 10 times to Rs 297.55 crore from Rs 26.76 crore in Q4FY22.

The stock was trading 5.75% lower at Rs 12.14 on the BSE as of 9:55 am.

The textile industry has been under pressure in recent quarters. Exports fell due to lower demand. For example, India’s cotton cloth exports to the US fell by 13.1% MoM in February 2023.