Raymond shares are down for the 12th consecutive day on Thursday. This is the longest losing streak for the stock on record. The stock has declined nearly 20% during these last 12 sessions.
The 12-day drop has led to the stock losing nearly ₹2,500 crore in market capitalisation.
Prior to this, the stock witnessed its longest losing streak in 2008, when it fell 11 straight days between April 29 and May 14. Earlier, the stock had seen a 10-day drop between March 5 and March 19, 2020 and a similar 10-day drop in 2008 between September 25 and October 10.
The drop comes in the backdrop of uncertainty surrounding the separation of Raymond Group Chairman and Managing Director Gautam Hari Singhania and his wife Nawaz Modi.
Last week, Singhania also wrote to the company's board and employees allying concerns of the impact of the separation on the company and its businesses.
In an email, accessed by CNBC-TV18, Singhania wrote that it is business as usual at Raymond despite it being a 'difficult' time for him and he remained resolute as chariman and managing director, fwas fully committed to the smooth functioning of the company.
The stock has been in the red since November 13, the same day when Singhania announed his split from his wife on social media. However, soon after videos of Nawaz Modi being shut out of the company's Diwali party, emerged online. Days after, she publicly accused Singhania of physically assulting both, her and her daughter. She said the incident led her to being hospitalised.
Raymond's shares were trading 0.88% lower at ₹ 1,528.10 apiece at 9.40am on Thursday, November 30, 2023.
(Edited by : Hormaz Fatakia)
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