Raymond stock price, market cap takes another hit amid Gautam Singhania-Nawaz Modi family feud
Raymond Group market cap fell below ₹11,000 crore for the first time in many years in the midst of the divorce ordeal of top boss Gautam Singhania.
Raymond Group's shares have taken yet another hit as company's managing director Gautam Singhania remains embroiled in a public family feud with his estranged wife Nawaz Modi Singhania. In the midst of the divorce settlement, Raymond stock prices continue to dip.
After the news of Gautam Singhania's divorce with wife Nawaz Modi broke out, the share prices of Raymond started steadily dropping. However, the firm's billionaire MD has ensured the shareholders that the company will continue to hold its ground when it comes to business.
On November 27, the National Stock Exchange (NSE) opened with Raymond Group stock listed at ₹1684 apiece, but dropped down to ₹1647 at 3 pm today. Before Singhania had announced his divorce with Nawaz Modi, Raymond shares were trading at over ₹1889 apiece.
As the share prices of the company are showing a gradual dip, the market cap of Raymond is also taking a hit. While Singhania's firm continues to remain the world's top manufacturer of suiting garments, the market cap has dropped below ₹11,000 crore for the first time in years.
An overall loss of ₹1700 crore has been incurred by the shareholders due to the divorce settlement of the Raymond boss with his estranged wife.
On Monday, Raymond Group's market cap is recorded at ₹10,974 crore, lower than previous week. However, Gautam Singhania has sent a mail across the company that the status and integrity of the company will remain intact during this personal turmoil.
"I am steadfast to create and deliver value to all our shareholders and ensure the interests of our employees, customers, and other stakeholders," the billionaire wrote in the email, as reported by the Economic Times.
Gautam Singhania-Nawaz Modi divorce settlement
Gautam Singhania announced that he and his wife Nawaz Modi have decided to get divorced, with the estranged wife now demanding a 75 percent chunk of his overall wealth in the settlement.
The situation soon turned sour as Modi leveled domestic violence allegations against Gautam Singhania, claiming that he had been physically abusive to her and her minor daughter Niharika.
