Reliance backed Alok Industries plunges over 21% to ₹9.16
Business
Alok Industries, backed by Reliance, just saw its stock nosedive more than 21% over five days, closing at a year-low of ₹9.16 on Friday.
While the rest of the market barely moved, this sharp drop hit only Alok Industries, leaving investors a bit rattled.
Alok denies hidden news, volumes surge
Even as the price fell, trading volumes shot up, though the company insists there's no hidden news behind it.
Financially, things haven't been great either: losses narrowed slightly last quarter, but rising costs are still biting hard.
The stock has dropped 43% this year and nearly half its value in the past 12 months alone, showing just how tough things have been for Alok lately.