scorpionking76
EntMnt Knight
Welspun India shares were locked down in lower circuit for the third straight session on Wednesday, though in some relief for investors, the stock fell 10 per cent today, following the revision in circuit limit from 20 per cent to 10 per cent.
Over the last three sessions, Welspun India shares have corrected by 43 per cent, leading to a market cap erosion of over Rs 4,000 crore.
The selloff in Welspun India, one of the world's largest textile manufacturers, started on Monday, following Target Corp's decision last week to sever ties with the company.
Target Corp terminated its contract with Welspun after it found that the company had substituted Egyptian cotton with non-Egyptian cotton in bedsheets and pillowcases sold under the Fieldcrest brand between August 2014 and July 2016.
Target Corp, Welspun India's biggest customer after Bed Bath and Beyond, accounts for 10 per cent of the company's revenues.
After Target, Wal-Mart, JC Penny Review Welspun Products; Shares Extend Slide – NDTV Profit
Over the last three sessions, Welspun India shares have corrected by 43 per cent, leading to a market cap erosion of over Rs 4,000 crore.
The selloff in Welspun India, one of the world's largest textile manufacturers, started on Monday, following Target Corp's decision last week to sever ties with the company.
Target Corp terminated its contract with Welspun after it found that the company had substituted Egyptian cotton with non-Egyptian cotton in bedsheets and pillowcases sold under the Fieldcrest brand between August 2014 and July 2016.
Target Corp, Welspun India's biggest customer after Bed Bath and Beyond, accounts for 10 per cent of the company's revenues.
After Target, Wal-Mart, JC Penny Review Welspun Products; Shares Extend Slide – NDTV Profit