Raymond Shares See Longest Losing Streak As Stock Declines For 12 Days In A Row Amid Divorce News

Raymond shares declined for the 12th day in a row on Thursday marking the longest losing streak for the stock on record. Before this, the stock saw its longest losing streak in 2008, when it fell 11 straight days between April 29 and May 14. At 1:34 pm IST today, Raymond shares were down 2.17% at Rs 1509.00 per share. Today, the stock saw a spurt in trading volume by more than 2.36 times.

At this price, the company has a market capitalization of Rs 10,045.98 crore. The market value of the company has also been declining for the last 12 trading sessions as the firm has lost nearly Rs 2,500 crore during this time. In the last two weeks, the stock has fallen 16.25%, while it has declined almost 20% in the last 12 sessions.
The share price of Raymond Ltd has been in the red since November 13, the day when Singhania announced separation from his wife Nawaz Modi on social media.

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."

Prior to the divorce row, the share price of Raymond closed at Rs 1,889.30 on November 10.

Raymond Ltd Share Price Performance:

In the last one year, the stock has gained 10.57%. The last 2-year and 3-year returns from the stock are 135.85% and 369.27% respectively. The stock has a 52-week high of Rs 2,240.00 and 52 week-low of Rs 1,092.60.

'It's business as usual' : Gautam Singhania

A media report had earlier highlighted that Nawaz Modi Singhania sought 75% of Singhania's $1.4 billion net worth as a divorce settlement. According to The Economic Times report citing people in the know, Nawaz Modi has 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.

In a bid to allay fears among the company's board of directors and employees as his separation from wife Nawaz Modi could impact his personal fortune, the billionaire also wrote to the company's board and employees.
"I am steadfast to create and deliver value to all our shareholders and ensure the interests of our employees, customers, and other stakeholders," he said in an email to the board, and staff, which was accessed by CNBC TV18.