The recent incident involving Raymond Chairman Gautam Singhanias and his estranged wife, Nawaz Modi, and its subsequent fallout, has sent shockwaves through the business and financial world. Nawaz Modi’s demand for 75% of Singhania’s fortune as part of their divorce settlement has not only made headlines but also impacted the company’s financial standing. The altercation took place on the morning of September 10, leading to a sharp decline in Raymond’s stock value.
Speaking exclusively with India Today.in, Nawaz Modi shared details of the incident, alleging that Gautam Singhania assaulted her and their minor daughter, Niharika, after his birthday party at their Mumbai residence. Following this, Nawaz Modi, assisted by her daughter, sought refuge and help from the police. It was revealed that Nita Ambani and Anant Ambani came to their rescue and ensured police action was taken.
This incident has sent shockwaves through Raymond’s business as well. Raymond’s stock witnessed a significant decline, dropping as much as 4.3% in intra-day trading on Wednesday and eventually closing 4% lower at 1671.05. This continued a trend of losses over seven consecutive sessions, resulting in a loss of nearly ₹1,500 crore in its market capitalization. The stock had demonstrated an impressive gain of 13% in 2023 year-to-date and 36% over the last year. However, the recent events, coupled with ongoing market uncertainties, have adversely impacted the company’s financial standing.
Market experts and analysts are closely monitoring the situation, as Raymond’s stock has rallied almost 6 times in the last 4 years. The demand by Nawaz Modi and the subsequent impact on the company’s financials will likely have a lasting effect on the company’s valuation and market positioning in the coming weeks.
The personal and legal intricacies of this high-profile divorce settlement will undoubtedly continue to make headlines, and the fallout from the incident will be followed closely by market analysts and the public. As the situation unfolds, the business and financial implications of this incident will continue to reverberate across the corporate and financial landscape, shaping Raymond’s future trajectory and market performance.
