New Delhi, Aug. 29 -- Mukesh Ambani-backed Alok Industries witnessed a sharp decline of 11.51% on Friday, hitting a fresh 52-week low of Rs.9.16 per share at the close. The textile stock has remained under pressure over the past five trading sessions, losing more than 21% during the period.

Alok Industries share price opened at Rs.20.22 and closed at Rs.9.24 on NSE on 28 August.

While the exact trigger behind the sharp decline remains unclear, the stock has been on a sustained losing streak during the final week of August. Alok Industries breached its 52-week low in successive trading sessions before witnessing a steeper fall on Friday.

The decline also appears to be stock-specific rather than part of a broader market sell-off, as the ...