Raymond Stock Prices Rebound Amidst Gautam Singhania's Divorce Settlement

In a surprising turn of events, Raymond Group's stock prices, which experienced a steady decline for 14 consecutive days, have shown signs of recovery as billionaire Gautam Singhania navigates the final stages of his divorce settlement with estranged wife Nawaz Modi Singhania.

Following an over 13 percent fall in November, coinciding with the announcement of Singhania's divorce, Raymond's stock prices have witnessed a gradual but noteworthy uptick over the first few days of December 2023. On December 5, the NSE opening price for Raymond stock stood at ₹1,599, marking a 1.04% increase from the previous day's ₹1,582.5.

After a series of minor fluctuations, Raymond's stock prices closed at ₹1,585.65 on the same day, reflecting a 0.2% rise from the previous closing price. This modest recovery has provided shareholders with a glimmer of hope, alleviating concerns over the prolonged decline.

While Raymond's share prices reached a record high of ₹2,240 on September 9, the subsequent steep decline prompted shareholder anxiety, resulting in a significant impact on the company's market valuation over the last 15 days.

Despite the recent recovery in share prices, Raymond Group's market capitalization has continued to slide, dropping below ₹11,000 crore for the first time in years and currently standing at ₹10,551 crore.

The backdrop to this financial turbulence is Gautam Singhania's divorce from Nawaz Modi. Singhania, the Managing Director and Chairman of Raymond Group, disclosed in November that he was separating from his wife, who demanded 75 percent of his net worth for the support of their daughters. The divorce settlement negotiations took a contentious turn when Modi accused Singhania of domestic violence against their minor daughter Niharika. While Singhania refrained from commenting on the allegations, negotiations resumed, and the couple is now finalizing the details of the alimony settlement.