Nawaz Modi Singhania was removed from the boards of some group companies- JK Investors (Bombay), Raymond Consumer Care, and Smart Advisory and Finserve.
Shares of Raymond shed over 4 percent in intra-day deals on Monday, extending losses for the seventh straight session amid reports that chairman Gautam Hari Singhania s estranged wife Nawaz Gautam Singhania has demanded 75 percent of his fortunes. The couple announced separation earlier this month.