  We present optical observations of the enigmatic nova-like variable V4332
Sgr. The importance of this object should not be understated since it is
considered to be the possible prototype of a new class of eruptive variables.
These objects have been the subject of considerable studies at present
primarily because of the spectacular eruption of V838 Mon - another member of
this class - recently in 2002. The cause of the outburst in such objects is not
well understood. Our recent work has shown striking changes in the near-IR
spectrum of V4332 Sgr since its 1994 outburst. The optical spectrum presented
here confirms that V4332 Sgr is indeed an unusual and extremely interesting
object. This spectrum, the first to be taken after a hiatus of nearly 10 years
after the outburst, shows several lines in emission but is dominated by
exceptionally strong emission in the resonance doublet of KI at 7665 and
7699{\AA} and to a slightly lesser strength in the unresolved NaI doublet at
5890 and 5896{\AA}. The KI lines are shown to be optically thick and
considerably broadened. We investigate the site of origin of the KI and NaI
emission. We discuss whether V4332 Sgr is related to L or T type dwarf based on
BVRI photometry.
