The public drama is now hurting the shares of the clothing company, and the managing director of Raymond Group Gautam Singhania and his estranged wife Nawaz Modi Singhania are currently finalizing their divorce settlement. The world’s biggest suit apparel manufacturer, Gautam Singhania’s Raymond Group, has been fighting to maintain a stable stock price for more than a week since the MD’s divorce became public knowledge.
Since the Singhania family feud made headlines on November 13, Raymond’s shares have been declining for ten straight days. The overall stock price has dropped more than 12 per cent during this time, even though the benchmark S&P BSE Sensex has increased by slightly over one per cent.
The benchmark 30-share Sensex has increased by 3.35 per cent during the current month, while Raymond stock has lost about 5.15 per cent as of November 23. Over the last seven sessions, the share prices have dropped, resulting in a loss of nearly ₹1,600 crore in market capitalization.
For the first time in a few months, Raymond Group’s total market value has fallen below ₹11k crore, to ₹10,985.33 crore. Although Raymond has been traded on stock exchanges for 64 years and has maintained a strong price history, the Singhania-Modi divorce drama has caused a significant decline in stock prices.
Nawaz Modi and Gautam Singhania’s divorce drama
Nawaz Modi Singhania accused the Raymond boss of domestic abuse and initially demanded a settlement that included 75% of Gautam Singhania’s total net worth. Modi claimed that her husband had frequently beaten both her and her daughter Niharika.
Following these accusations, Gautam Singhania released a statement in which he stated, “I will not be making any comments in the interest of my two lovely daughters. I would like to maintain my family’s dignity.” Please don’t invade my personal space.”
Additionally, Singhania suggested setting up a family trust and designating himself as the only trustee over all family assets. But Nawaz Modi disapproved of these phrases.
