Shree Ganesh Jewellery posts massive loss of Rs 1,048 cr.

Shree Ganesh Jewellery House Ltd (SGJHL), a small scale jewellery maker reported a massive loss of Rs. 1,048 crore in Q2FY14. SGJHL has now entered a list of companies that includes Adani Enterprises and Jet Airways, which posted biggest quarterly losses in the recently concluded earnings season.

The company said that the due to cancellation of a bullion purchase agreement by its subsidiary in the UAE led to the quarterly loss. SGJHL who is into manufacturing and exports of gold and diamond jewellery, gemstone studded jewellery and light-weight Italian jewellery to various countries across the globe like the U.S., the Middle East, Europe, Hong Kong, Singapore and Sri Lanka held a consolidated debt of Rs. 996 crore as on March 2013.

Shares in Shree Ganesh Jewellery, on Wednesday, ended at Rs. 36.95 each on the BSE, up 1.37 percent from the previous close. SGJHL is the smallest company to have reported such a massive loss in the quarter.