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 7699Å and to a slightly lesser strength in the unresolved NaI doublet at 5890 and 5896Å .
The KI lines are shown to be optically thick and considerably broadened .
We investigate the site of origin of the KI and NaI emission .
Considering the strength of the alkali metal lines - seen at similar strength only in L and T type dwarfs ( though in absorption ) - we discuss whether the outburst of V4332 Sgr was an explosion on a L or T type dwarf .
However BVRI photometry does not support such a scenario but rather shows the central object of V4332 Sgr to be a M-type star with a temperature of 3250K .