Welspun India at a new low again
By
Research Desk
about 8 years ago
Welspun India hit a record low today at Rs.65.85, down 20%, breaching the lower circuit. This the second consecutive day when the stock was locked on the 20% lower circuit and hitting a new low.
This spate of lows is after the US based company Target Corp said last week that it was terminating its business with the company as it had decided to substitute the cotton in bedsheets with a different type than the contracted Egyptian one.
The company has initiated legal actions to get to the root cause of why this happened. It is appointing an external auditor (one of the Big Four) to audit its supply systems and processes.