Raymond loses $180 million due to billionaire Gautam Singhania's separation from his wife

Billionaire Gautam Singhania and his wife Nawaz Singhania announced their separation on November 13, 2023.

The couple had been married for 32 years and Nawaz Singhania was a board member of Raymond Ltd., one of India's leading textile and apparel companies.

The announcement of the separation sparked uncertainty among investors, causing Raymond's stock to plummet by 12%, erasing $180 million in market value.

The shares fell as much as 4.4% on Wednesday, November 22, 2023, marking the sharpest decline since October 25, 2023.

Analysts attribute the stock's downfall to the uncertainty surrounding the Singhanias' separation and Nawaz Singhania's potential departure from the Raymond board.

The Economic Times reported that Nawaz Singhania has sought a substantial 75% of Gautam Singhania's $1.4 billion fortune as part of the settlement negotiations.

Analysts predict that the ongoing turmoil could continue to weigh on the stock price until a resolution is reached.

The uncertainty surrounding the separation could have long-lasting consequences for Raymond Ltd.'s future.