Bombay Dyeing declines as losses widen in Q1

Bombay Dyeing’s consolidated loss widened to Rs 119.8 crore in June quarter from Rs 76.8 crore in the year-ago period

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The Bombay Dyeing share was trading around a percent lower in the morning trade on August 10, a day after the textile manufacturer’s reported a widened consolidated loss of Rs 119.8 crore for the June quarter from Rs 76.8 crore in the year-ago period

Bombay Dyeing’s revenue declined 17.87 percent YoY to Rs 498 crore due to lower polyester business and tepid growth in real estate segment.

The Mumbai-based company recently received the board’s approval for delisting Global Depository Receipts from the Luxembourg Stock Exchange, and termination of deposit agreement with Citibank NA for the company’s GDRs.

The underlying equity shares were listed on the BSE and NSE and would continue to be so following the termination of the GDR programme, it told exchanges.

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At 10.19 am, the stock was trading at Rs 113.55 on the National Stock Exchange, down 1.8 percent from previous close. Around 966,042 shares changed hands, which was lower than the 20-day average of  2,400,953.

Bombay Dyeing and Manufacturing is the flagship business of Wadia Group. It is a leading textile manufacturer and retailer with a range of other products.

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