Since Singhania announced his separation from Nawaz Singhania, his wife of 32 years and a board member of Raymond, on November 13, the stock has fallen 12%, wiping out more than $180 million in market value.
One of the largest manufacturers of suit fabric worldwide, Raymond Ltd., fell for the seventh day in Mumbai due to investor apprehension following the contentious divorce of its billionaire chairman, Gautam Singhania, and his spouse.
Since Singhania announced his separation from Nawaz Singhania, his wife of 32 years and a board member of Raymond, on November 13, the stock has fallen 12%, wiping out more than $180 million in market value. On Wednesday, the shares dropped as much as 4.4%, marking the largest decline since October 25.
As part of a settlement, Nawaz has demanded 75% of Singhania’s $1.4 billion fortune, according to sources cited late on Monday. An email requesting comment was not immediately answered by a Raymond Group representative.
“The stock is being affected by uncertainty surrounding the separation. Nobody is certain how it will affect the business,” ICICI Securities Ltd. analyst Varun Singh stated. “Since the wife is a board member, this has become a corporate governance issue.”
On November 20, Singh began covering the stock and issued a hold recommendation. The sources state that the company has seven buy ratings and no sell ratings.
Modi claims that she was assaulted by Singhania three times in total, including this one. At the book launch, she discussed the turbulent relationship in detail. The book is about natural anti-aging techniques.
According to legal sources close to Singhania, he plans to take legal action in response to the accusations in order to defend his family’s interests.
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