Shares of Raymond Ltd gained over 3 per cent on Friday, snapping out of a 12-day losing streak amid the ongoing marital dispute between chairman and managing director Gautam Singhania and his wife Nawaz Modi.
At around 1:35 pm, shares of Raymond were up 3.18 per cent at Rs 1,551.25 apiece, providing much-needed relief to shareholders of the company as the company’s longest-ever losing streak on record came to an end.
The surge in Raymond’s share price comes after the company’s independent directors (ID) issued a statement on the ongoing marital dispute between Gautam Singhania and Nawaz Modi, who is also a board member.
The independent directors said they are monitoring the situation and will protect the interest of shareholders.
“The ID, over the last few weeks, have been meeting and monitoring the situation so far as it affects the Company and the minority shareholders; and reiterate their commitment to protect, at all times, the interests of non-promoter minority shareholders, employees and other stakeholders,” the statement read.
The independent directors issued the statement in response to the call from proxy advisory firm IiAS, urging an investigation into assault allegations made by Gautam Singhania’s estranged wife, Nawaz Modi.
The statement issued by Raymond’s independent directors appears to have assuaged shareholder concerns, with the company finally managing to snap out of a 12-day losing streak.