PC Jeweler India reported a quarterly loss for the third straight quarter on Monday, hurt by declining sales as it remains embroiled in legal disputes with several banks.

The company reported a consolidated net loss of 1.72 billion rupees ($20.68 million) for the first quarter ended June 30, compared with a profit of 744.3 million rupees a year ago.

A series of lenders, including State Bank of India, Indian Bank, IDFC First Bank and Union Bank, found PC Jeweler’s loan account to be underperforming and took legal action to get a loan reminder.

For its part, the Delhi-based jeweler is challenging lenders and seeking damages over the alleged complaints.

“The disproportionate amount of sales returns is a practical consequence of lawsuits and negative publicity,” the company said in a statement.

Operating income fell 87.6% to 676.8 million rupees in one quarter as the Akshay Tritiya festival in April increased demand for gold.

The company’s finance charge accounted for more than 50% of the total costs during the quarter.

PC Jeweler further said its domestic revenue was impacted by the suspension of operations amid a cash crunch due to ongoing litigation.

In June, a court ordered SBI, India’s largest lender, to maintain the status quo and take no further legal action against the Delhi-based jeweler.

However, last month, SBI filed a bankruptcy petition against the jeweler with the National Company Law Court (NCLT) in an attempt to attract loans, according to media reports.

Rivals Tribhovandas Bhimji Zaveri and Kalyan Jewelers reported profit gains as sales remained high amid soaring gold prices.

The company’s shares fell 1.3% on Monday ahead of the earnings release, having fallen about 67.6% this year.

($1 = 83.1716 Indian rupees) (Reporting by Biplob Kumar Das in Bengaluru; Writing by Janane Venkatraman)