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Stock prices of textile companies tank on black Monday

07
Jul '09
The budgetary proceedings begin at 11.00 AM, but the stock market bell rings at 10.00 AM and the bell rang loudly on Monday in the first hour of trading in the stock markets of India, on expectations of a dream budget.

Stock prices zoomed in the first hour, but as the budgetary related news slowly started filtering in, stock prices started tanking, along with which, stock prices of textile and apparel manufacturing companies also started dipping.

The textile industry which is the highest employment generator after agriculture in the country was riding high on expectations since it is one the highest affected industry amongst all sectors, due to the global slowdown.

Most of the textile and apparel company stocks lost between 1-10 percent, with the biggest loser being, the Bangalore based Gokaldas Exports Ltd, which saw its opening stock price sliding from Rs 112.65 to Rs 101.95 at closing time.

The next big loser was the Ludhiana based Vardhman Textiles Ltd, which is also one of the biggest integrated textile manufacturers in the country, saw its stock price falling from Rs 124.50 to Rs 115.10 at closing hours.

Among others, stock price of Arvind Ltd fell from Rs 29.50 to Rs 25.60, Welspun India, Rs 35.90 to Rs 34.00 and IndoRama Synthetics which fell the lowest from Rs 27.70 to Rs 26.15 at closing hours.

Fibre2fashion News Desk - India


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