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Business News/ Market / Stock-market-news/  Raymond shares see huge selling; tank 10% on land deal concerns
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Raymond shares see huge selling; tank 10% on land deal concerns

Raymond's stock, after making a weak opening, further plummeted 9.83% to Rs598.10 on BSE, but later recovered early losses and was trading 0.59% higher at Rs667.25

Raymond going to sell its premium real estate in Mumbai at throw-away rates to its promoters and their extended family has affected the company’s share prices. Photo: MintPremium
Raymond going to sell its premium real estate in Mumbai at throw-away rates to its promoters and their extended family has affected the company’s share prices. Photo: Mint

New Delhi: Shares of Raymond came under massive selling pressure on Thursday, plunging nearly 10% in early trading session after proxy advisory firm IiAS warned that a proposed real estate deal will result a loss of over Rs650 crore for the company and its shareholders.

The stock after making a weak opening, further plummeted 9.83% to Rs598.10 on BSE. Later, it recovered early losses and was trading 0.59% higher at Rs667.25. On NSE, it tumbled 9.68% to Rs598.10.

Raymond Ltd earlier this month informed BSE that the annual general meeting (AGM) of the company will be held on 5 June.

On Thursday, Proxy advisory firm Institutional Investor Advisory Services (IiAs) has issued an annual general meeting (AGM) notice, warning shareholders of Raymond Ltd against the sale of company-owned real estate that the firm has proposed in an upcoming AGM, Mint reported.

Titled “Raymond Limited: The Complete Rip-Off" (a play on the classic tagline ‘The Complete Man’), the report draws attention to Raymond’s proposed sale of four duplex apartments in JK House, located in South Mumbai’s Breach Candy area, by the company to its promoters and their extended family, all part of the promoter Singhania family.

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Published: 25 May 2017, 03:03 PM IST
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