Raymond stock price sees small recovery; shares up amid Singhania family feud
As billionaire Gautam Singhania and estranged wife Nawaz Modi Singhania iron out the final details of their divorce settlement, things are starting to look up for Raymond Group share prices that have recently seen a small and gradual recovery.
After being on a downward spiral for over 14 days, Raymond’s stock prices have seen a small but significant spike in the rates for four straight days. Raymond stocks fell over 13 percent in November, when Singhania announced the news of his divorce.
In the first few days of December 2023, the stock prices have seen a gradual recovery. On December 5, the NSE opening price of Raymond stock was ₹1,599, up 1.04% from the previous day’s ₹1,582.5.
After days of minor ups and downs, Raymond stock prices closed at ₹1,585.65, up 0.2% from the day before’s closing price. This has given the shareholders a small glimmer of hope after their constant concern over the decline of the stock.
Raymond share prices hit their record high on September 9, recorded at ₹2,240 apiece. However, the steep decline led to shareholders panicking, and the market valuation of the company took a major hit in the last 15 days.
While the share prices have recovered, the market cap of Raymond Group continued to decline. It dipped below ₹11,000 crore for the first time in years, and is currently recorded at ₹10,551 crore.
Gautam Singhania-Nawaz Modi divorce
Raymond Group MD and Chairman Gautam Singhania announced in November that he was in the process of separating from his wife Nawaz Modi and the latter had demanded 75 percent of his net worth for the upkeep of his daughters.
However, divorce settlement negotiations took a controversial turn when Modi launched allegations of domestic violence against Singhania, saying that he had been physically abusive to his minor daughter Niharika.
Not commenting on the allegations, Singhania started the negotiations once again, and the couple is now deciding the final details of alimony.