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MUMBAI: Raymond chairman and managing director Gautam Singhania has sought to allay concerns over the impact of his personal life on the company’s businesses.
Two weeks after parting ways with his wife of 24 years, the textile tycoon has told Raymond’s board and employees that he is “fully committed towards the smooth functioning of the company and its businesses”.In an internal statement, he said “it’s business as usual” at the company despite “these (being)difficult times for me”.
Singhania reiterated that he has chosen not to comment on his personal life to maintain his family’s dignity. “As the media is ripe with news about matters pertaining to my personal life, I am writing to you to say that I have chosen not to comment on the same as maintaining the dignity of my family is paramount to me.”
Since November 13, the day Singhania went public about his separation from his wife, Nawaz Modi, the stock price of Raymond on BSE has plunged 13% to Rs 1,650. In comparison, the BSE 500 index, of which Raymond is a constituent, is up 1.6% during the same time period.
Modi, a shareholder and director of Raymond, has reportedly demanded 75% of Singhania’s $1.4 billion net worth for her and their two daughters as a divorce settlement.
In the statement, Singhania also talked about Raymond’s achievements and ongoing initiatives. He said the company has had the best quarter in its history and recently it almost doubled the engineering business by entering sunrise sectors of aerospace, defense, and electric vehicle components through the Maini Precision Products acquisition. It has also been awarded two marquee real estate projects in the Mumbai Metropolitan Region, he added.
Two weeks after parting ways with his wife of 24 years, the textile tycoon has told Raymond’s board and employees that he is “fully committed towards the smooth functioning of the company and its businesses”.In an internal statement, he said “it’s business as usual” at the company despite “these (being)difficult times for me”.
Singhania reiterated that he has chosen not to comment on his personal life to maintain his family’s dignity. “As the media is ripe with news about matters pertaining to my personal life, I am writing to you to say that I have chosen not to comment on the same as maintaining the dignity of my family is paramount to me.”
Since November 13, the day Singhania went public about his separation from his wife, Nawaz Modi, the stock price of Raymond on BSE has plunged 13% to Rs 1,650. In comparison, the BSE 500 index, of which Raymond is a constituent, is up 1.6% during the same time period.
Modi, a shareholder and director of Raymond, has reportedly demanded 75% of Singhania’s $1.4 billion net worth for her and their two daughters as a divorce settlement.
In the statement, Singhania also talked about Raymond’s achievements and ongoing initiatives. He said the company has had the best quarter in its history and recently it almost doubled the engineering business by entering sunrise sectors of aerospace, defense, and electric vehicle components through the Maini Precision Products acquisition. It has also been awarded two marquee real estate projects in the Mumbai Metropolitan Region, he added.
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