The news surrounding the divorce settlement spat between Gautam Singhania and wife Nawaz Modi made headlines last month, taking the Raymond Group shares to a major low. Now, the share prices are recording a slow but steady recovery.
Raymond Chairman and Managing Director (CMD) Gautam Singhania announced his separation with wife Nawaz Modi Singhania on November 13, after which the share prices of Raymond continued on their downward spiral for 14 straight days.
However, the share prices have started recovering gradually after a steep decline. Raymond Group share prices hit a major low on November 30, being recorded at ₹1,503, falling more than 10 percent after the divorce announcement.
Since then, the share prices have picked up, rising by less than a percent nearly every day. On December 22, the markets closed with Raymond Group’s share price was recorded at ₹1,724 apiece. The 52-week high of the company was recorded at ₹2,240.
However, the Raymond stocks had hit an all-time low this year months ahead of Gautam Singhania’s divorce announcement in March, when the share prices were recorded at ₹1,109.
Amid the divorce settlement, Gautam Singhania and the board of directors ensured the shareholders that Raymond’s stock will not suffer because of the developments in the billionaire’s life.
Gautam Singhania-Nawaz Modi divorce row
Raymond MD Gautam Singhania and wife Nawaz Modi announced their separation on November 13, after which Modi demanded 75 percent of the billionaire’s total net worth to raise their two daughters.
Soon, Modi alleged that Singhania had been physically abusive and had beaten her and her minor daughter up on several occasions. She alleged that she feared for her life with Singhania, and was not treated with respect.
While Singhania refused to make any comments regarding the domestic violence allegations, he is now trying to reach a “more realistic” divorce settlement with Nawaz Modi.
Earlier, Gautam Singhania’s father Vijaypat Singhania also talked about the break up of his company, saying that his son has “broken his heart” amid the recent developments.
Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
