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Shares of world’s largest suit fabric company Raymond Limited are seeing continuous decline. The shares of the company are moving downwards for the last 7 days. The main reason for this decline is believed to be rift between husband and wife. Raymond Chairman Gautam Singhania and his wife Nawaz Modi recently decided to separate. After this news, there is a feeling of uncertainty in the minds of investors.
The government changed its mind, bank shares fell, investors were disappointed
Shares fell 12%
Raymond’s share price has fallen more than 12 percent since November 13. The company’s market cap has fallen by $180 million. Raymond’s share price fell 4.4 percent on Wednesday. This is the biggest drop in the company’s stock since October 25.
According to an ET report, Nawaz Modi has demanded 75 percent share in Gautam Singhania’s property for his two daughters and himself. According to the report, Gautam Singhania’s net worth is $1.4 billion. However, no official statement has yet been released from either Raymond or the Singhania family on the issue.
Who makes the contract?
Khaitan & Company senior partner Hargrave Khaitan has been appointed by Gautam Singhania as his legal advisor and Mumbai-based law firm Rashmi Kant has been appointed by Nawaz as his legal advisor. Akshay Chudasama, managing partner of Amarchand Mangaldas & Co., is very close to both parties. Continuous efforts are being made to reconcile the two on this entire issue.