Singhania family conflict: The dispute between Gautam Singhania and his wife Nawaz Modi has a very bad impact on the Raymond group. Nawaz Modi had demanded 75 per cent ownership stake to part ways with Gautam. Gautam Singhania was ready to donate this amount by creating a family trust. But Nawaz refused. The company is hard hit by this conflict which is growing day by day. Raymond’s stock has been in continuous decline for almost a week. Raymond’s market value also fell by around Rs 1,500 crore.
Raymond’s stock continues to fall
Shares of the company fell by Rs 132.70 in the last five days. Also on Wednesday, it declined by 4 percent and closed at Rs 1,671. Shares of Raymond fell 12.5 percent in the last seven trading sessions. The company’s market value also declined by Rs 1,500 crore to Rs 11,124.80 crore. On Thursday, it costs Rs 1,675.
Nawaz Modi is a member of the board of directors of Raymond
The promoters’ stake in Raymond is 49.11 per cent. Gautam Singhania is the Managing Director and Chairman of the company. Nawaz Modi is also a non-executive director of the board. He owns approximately 2,500 shares of Raymond stock. This is why, in addition to being a family issue, it has also become a business issue. Gautam Singhania had announced his separation from Nawaz Modi on November 13. The Raymond Group’s activity extends from fabric to real estate. The company’s revenue during the financial year 2022-23 was around Rs 8,215 crore. During this period, the company also made a profit of Rs 537 crore.
Nawaz asked for 75 percent stake
Nawaz Modi demanded 75 per cent ownership share to part ways with Gautam Singhania. Singhania was ready to donate this amount by creating a trust. But Nawaz refused. After Gautam’s death, this amount would have gone to Nawaz.
The report was filed with the help of Nita Ambani
Nawaz also accused Gautam of beating him and his daughter. Nawaz claims that Gautam did not want the assault report to be registered with the police. However, according to reports, this report may be filed with the help of Nita Ambani and her son Anant Ambani.
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