Alakshmi, also known as Jayestha, is the opposite of Goddess Lakshmi and is the Hindu goddess of misfortune and inauspiciousness. Alakshmi is the elder sister of Goddess Lakshmi. She arrives when inflated egos clash and when the wealth provided Goddess Lakshmi creates pride, greediness, jealousy and discord. An owl is shown along with Alakshmi and some consider the owl as a form of Alakshmi. An owl near Goddess Lakshmi represents Alakshmi.
In Hinduism, Alkashmi symbolically reminds us that the blessings of Goddess Lakshmi should not give way to pride, indiscipline and arrogance. Unclean body, unclean surroundings, sloth and avarice are invitation to the goddess of misfortune and in auspiciousness.
The description of Alakshmi in some scriptures is gory and represents extreme ugliness. She is sometimes shown as being old and ugly. Ugliness symbolically shows what money can do a person who uses it unwisely.
Linga Purana indicates that she came out of Samudra Manthan (Churning of Ocean) and she finds her abode where people are unclean and inauspiciousness thrives. She avoids all those places that have divine presence. She looks for ego-inflated bodies.