Raymond CMD Gautam Singhania has reassured both employees and the board that the conglomerate's operations are proceeding smoothly and without disruption. This affirmation follows a decline in the company's share prices, which began after the announcement of Singhania's divorce from Nawaz Modi Singhania. Over the past nine consecutive trading sessions, Raymond shares experienced a 13.29% drop, reaching Rs 1,648.45.
On November 24, the company's market capitalization fell below Rs 11,000 crore for the first time in the past five months. Singhania addressed the concerns in an email to employees and the board, stating, "…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."
He further emphasized his dedication to creating and delivering value to shareholders while safeguarding the interests of employees, customers, and other stakeholders. Singhania highlighted Raymond's significant progress, noting consistent growth in performance over the last nine quarters. The group has expanded its engineering business by nearly doubling it, venturing into emerging sectors such as aerospace, defense, and electric vehicle components through the acquisition of Bengaluru-based Maini Precision Products (MPPL).
On November 3, the Raymond Group formalized an agreement to acquire a 59.25% stake in MPPL for a sum of Rs 682 crore.
Addressing the ongoing media coverage surrounding his personal life, Singhania conveyed in an email, "I have opted not to provide comments on these matters, as upholding the dignity of my family holds paramount importance to me."
On November 13, Singhania publicly disclosed his decision to separate from his wife, expressing that they have chosen divergent paths. Singhania had tied the knot with Nawaz Modi, the daughter of solicitor Nadar Modi, in 1999.
