The stock has tumbled 12% since Nov. 13 when Singhania announced separation from Nawaz Singhania, his wife of 32 years and a Raymond board member, erasing more than $180 million in market value. The shares fell as much 4.4% on Wednesday, set for the biggest drop since Oct. 25.
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.
Multibagger stock: A change in leadership, rapid scale-up in real estate business, focus on cost optimisation, the sale of the FMCG business to GCPL and the acquisition of Maini Precision Products supported the stock.