Welspun India shares bleed by 20% after Target Corp accuses over cotton supply
"We have initiated immediate actions to investigate the root cause. We are appointing external auditor (one of the Big Four) to audit our suply systems and processos. This is an issue of highest priority for us and we will take all necessary steps to dissolve it," Welspun India said in the statement.
Target Corp confirmed that Welspun subsituted another type of non-Eqyptian cotton when producing sheets between August 2014 and July 2016. Photo: Official Website