Shares of Sanghi Industries Ltd fell 5% in morning trade on May 18, a day after the company reported standalone net sales of Rs 225.67 crore for the March quarter, down 36.46% from Rs 355.15 crore a year earlier.

Its quarterly net loss widened to Rs 104.56 crore. Rs 631 crore in March 2022. EBITDA was negative at Rs 11.3 crore. It was Rs 45.69 crore in the same period last year.

Sanghi Industries also informed the exchanges that it issued 73,26,000 equity shares at Rs 68.25 per share (face value of Rs 10 each) to the promoter group entity through private placement on a preferential basis for Rs 50 crore on December 30, 2022.

In FY23, the company issued 5,000 unlisted, unrated, secured redeemable non-convertible bonds with a face value of Rs 1 crore each for a total private placement of Rs 500 crore.

Shares of Sanghi Industries have underperformed the benchmark Nifty over the past 5 years. Sanghi Industries lost 28.93% of its value during the period, while Nifty returned 72.06% during the period.