Welspun India Plunges 20% On Reports Of Target Breaking Ties

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Shares of Welspun India, India's leading terry towel producers, nosedived 20 per cent and locked in lower circuit on the Bombay Stock Exchange after Bloomberg reported that the company is ending all business with the textile manufacturers, after saying the supplier was sending it phony Egyptian cotton sheets.

Welspun India Plunges 20% On Reports Of Target Breaking Ties
Welspun India: Quotes, News
BSE 69.45BSE Quote0.75 (1.08%)
NSE 69.90NSE Quote1 (1.43%)

Reacting to the news, shares of company declined as much as 19.98 per cent in intra-day to trade at Rs 82.30 apiece on Bombay Stock Exchange.

In a similar fashion, stocks of company fell 19.96 per cent to Rs 82.60 apiece on National Stock Exchange.

Meanwhile, the broader benchmark BSE Sensex was trading at 28013.32, down 63.68 points, or 0.23 per cent, at 2.27 PM.

Read more about: welspun india
Story first published: Monday, August 22, 2016, 12:50 [IST]
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