Raymond CMD Gautam Singhania has assured employees and the board that “business is as usual” at the textiles-to-engineering conglomerate and he is fully committed towards the smooth functioning of the group. Singhania’s email comes after the company’s share prices began dipping since the announcement of his divorce from Nawaz Modi Singhania. Raymond shares fell by 13.29% to Rupees 1,648.45 in the past nine consecutive trading sessions.
On November 24, the company’s market cap fell below Rupees 11,000 crore for the first time in the past five months.“…I remain resolute as the CMD and am fully committed towards the smooth functioning of the company and its business. Even in these difficult times for me, I assure you that at Raymond it is business as usual,” Singhania said in an email addressed to employees and the company’s board.
“I am steadfast to create and deliver value to all our shareholders and ensure the interests of our employees, customers and other stakeholders,” he added. Singhania also said that Raymond has taken “significant strides” towards growing its businesses exponentially, with consistent upswing in performance over the last nine quarters. The group has almost doubled its engineering business by entering sunrise sectors of aerospace, defence, electric vehicle components through the acquisition of Bengaluru-based Maini Precision Products (MPPL).
On November 3, Raymond Group entered into an agreement to acquire a 59.25% stake in MPPL for Rupees 682 crore.
“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,” Singhania’s mail said.
On November 13, Singhania has announced separation from his wife, saying the two have decided to pursue different paths. Singhania had married Nawaz Modi, daughter of solicitor Nadar Modi, in 1999.