Nifty 50 Extends Losses As Alok Industries Shares Crash

The Nifty 50 index closed at 24,175.65, extending its losing streak to a fourth consecutive week amid a cautious market bias. Indian equity markets fell 76 points week-on-week as the index faced persistent selling pressure near the 24,300 resistance zone. Momentum indicators suggest bearish momentum retains an edge, influenced by macroeconomic uncertainties and global inflation prints.

Alok Industries experienced a sharp share price correction, closing down 11.41 percent at ₹9.24 on the National Stock Exchange. The textile manufacturer, backed by Reliance Industries, lost over 21 percent across five trading sessions, hitting fresh 52-week lows. Trading volumes surged significantly, although management confirmed no undisclosed price-sensitive information existed.

The stock sell-off coincides with persistent financial headwinds, including four consecutive quarters of negative net results and elevated raw material costs. For Q1 FY27, Alok Industries reported a narrowed net loss of ₹138.25 crore on revenue of ₹993.11 crore. High debt-to-equity ratios and poor long-term growth metrics continue to weigh heavily on investor sentiment.