Gautam Singhania's Separation News From Wife Makes Raymond Poorer By Almost $180 Million

The share price of Raymond Ltd., one of the biggest producers of suit fabric, declined for the seventh day as the news concerning the separation of billionaire Chairman Gautam Singhania and his wife dimmed investors' sentiments.

The stock has more than 11% since the stock last closed before the billionaire industrialist announced separation from Nawaz Singhania, his wife who is also a Raymond board member. Today, the share price of Raymond Ltd closed 3.77% lower at Rs 1676.55 per share. At this price, the company has a market capitalization of 11,161.42 crore. In the last one week, the stock has fallen 7.36%.

The stock closed at Rs 1,846.75 on November 13. While the share price of Raymond closed at Rs 1,889.30 on November 10.

The decline in the company's share due to the divorce row has made Raymond Group poorer by nearly $180 million according to a Bloomberg report.

On November 13, 2023, chairman and managing director of textiles-to-real estate conglomerate Raymond publicly announced his separation from his wife. In a post on X (formerly Twitter), the chairman and managing director of Raymond said "As I reflect over the unfortunate developments in the recent past, there has been a lot of unsubstantiated rumour mongering, and gossip surrounding our lives fanned by 'not so well wishers'," he wrote. "I am parting ways with her while we continue to do what is the best for our two precious diamonds Niharika and Nisa."

He however didn't reveal much detail regarding the reason behind the separation.

Recently, The Economic Times reported that Nawaz Modi Singhania, Singhania's estranged wife sought 75% of Gautam Singhania's reportedly $1.4 billion net worth for her two daughters Niharika and Nisa, and herself, as part of a family settlement, following the couple's separation.