Gautam Singhania, Chairman and MD of Raymond Group.
Shares of Raymond fell 3.77 per cent on Wednesday, extending losses to the seventh consecutive session, amid reports that Chairman Gautam Hari Singhania’s estranged wife Nawaz Gautam Singhania has sought 75 per cent of his assets. The couple had announced their separation earlier this month. On Wednesday, Raymond’s shares fell by 3.77 percent and closed at 1676.55. Meanwhile, in 7 trading days (13-22 November), the company’s shares have seen a decline of about 12 percent. The market cap of the company has suffered a loss of Rs 1500 crore. However, in the current year the company has given a return of 13 percent to the investors and in the last one year it has given a return of 36 percent. If we talk about the last 4 years, investors earned 6 times the income.
Raymond Limited shares fall
- The company’s share price on November 12 was Rs 1,901.65.
- The company’s share price on November 22 was Rs 1676.55.
- Company’s shares lost 12 percent in 7 trading days
- The company’s shares became cheaper by Rs 225.1 in 7 trading days.
- The market cap of the company on November 12 was Rs 12,659.99 crore.
- The market cap of the company on November 22 was Rs 11,161.42 crore.
- Loss of Rs 1500 crore to the company’s market cap in 7 trading days
Nawaz’s allegations
Nawaz Modi Singhania, wife of billionaire industrialist Gautam Singhania, has accused her husband of physical abuse. In an exclusive interview with India Today, Modi claimed that Singhania had physically assaulted him and his minor daughter Niharika. According to the report, when Singhania was contacted for comment regarding these allegations, he declined to comment. According to media reports, he wrote in response to the email that in the interest of my two beautiful daughters, I would like to maintain the dignity of my family and refrain from making any kind of comment. Please respect my privacy.
75 percent demand from property
As part of the family settlement following the divorce of the Singhanias, 53-year-old Modi has reportedly demanded 75 per cent of the Singhanias’ net worth of $1.4 billion for himself and his two daughters – Niharika and Nisa. Singhania has recommended creating a family trust and transferring the family assets into it, in which he will act as the sole managing trustee, although he is believed to have agreed to the demand.
Married in 1999
As of September 30, promoters held 49.11 percent stake in Raymond. Currently, Nawaz is a non-executive director at Raymond. On the other hand, Gautam is the chairman and managing director. Billionaire Gautam Singhania announced his separation from his wife Nawaz on November 13, saying that both of them have decided to take separate paths. 58-year-old Singhania married Nawaz Modi, daughter of solicitor Nadar Modi, in 1999. Singhania, chairman and managing director of textile-to-real estate group Raymond Limited, said in a social media post that this Diwali is not going to be the same as before. It is my belief that Nawaz and I will take different paths from here.
Source: www.tv9hindi.com”