Raymond Ltd Shares Surge 22% In A Week After Nawaz Singhania's Resignation From Mumbai-Based Group

Raymond Ltd, the flagship company of the Raymond Group continued to keep up with its surge at Dalal Street after the Mumbai-based company announced the resignation of its Non-Executive Director, Nawaz Singhania.

Nawaz Singhania Quits

Nawaz Singhania is the former spouse of Raymond Group chairman Gautam Singhania. The fall of their relationship and the fallout of the same on the company both inside and outside boardrooms made it the headlines for their flagrantly scandalous nature.

The company announced the resignation of Nawaz Singhania in an exchange filing published on March 19. The company, in its statement, said, Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”), this is to inform you that the Company has received a letter from Mrs. Nawaz Singhania (DIN: 00863174), Non-Executive Director of the Company tendering her resignation as Non-Executive Director of the Company and the same is effective from today."

Raymond Shares Performance

In her resignation letter, Nawaz Singhania said, "Due to personal reasons, I hereby tender my resignation as Director of Raymond Limited with immediate effect. I am thankful to the Board of Directors for the memorable association during my tenure and for supporting me throughout my term."

When we take a look at the company shares, on Friday, March 21, Raymond Ltd shares zoomed by a major 7.84 per cent or Rs 110.45, ate half-way mark of the day's trade.

Not just that, in the past five days of trading, the company shares have increased in size in dramatic proportions.

In the past five trading sessions, the company shares have jumped by a monumental 23.13 per cent or Rs 285.60.

This taken the overall value of the company shares to Rs 1,520.40 per piece.