ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
  • Markets
    • Stocks
    • Global Markets
    • IPO
    • Companies
    • Currency
    • Commodities
  • My Money
  • Web Stories
  • Calculators
    • Income Tax Calculator
    • Home Loan/EMI Calculator
    • Mutual Fund Returns Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • SIP calculator
    • Lumpsum Calculator
    • SWP Calculator
  • Videos
    • M Se Market
    • Jeb Zindagi Zaroorat
    • Light Camera Stocks
    • Tech Takes
    • Big Bulls Ka Nishana
    • Paisa Wasool
    • Commodity Ke MrityunjayMantra
    • The Right Property Show
  • Economy & Infra
    • Policy & Initiatives
    • Agriculture
    • Telecom
    • Aviation
    • Railways
    • Retail
    • Roadways
    • World Economy
  • Exclusive
    • Wealth Guide
    • Interviews
  • Auto
    • Cars
    • Bikes
    • Electric Vehicle
    • Commercial Vehicles
  • Tech
    • Mobiles
    • Gadgets
    • Reviews
    • Tips and Tricks
    • Apps
  • Real Estate
    • Home Buyers
    • Builders
  • Trending
    • Entertainment
    • Politics
    • Lifestyle
    • Travel
    • Sports
    • Viral
    • Education
    • Jobs
Read in App
Business News » Companies News

Target Corp shock: Welspun India trades at 13-month low

Welspun India's share took a beatin after Minneapolis-based Target Corp, one of Welspun India's largest customers, cut ties with the company, accusing it of using lower quality cotton for making bedsheets between August 2014 and July 2016. 

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Target Corp shock: Welspun India trades at 13-month low
Welspun India shares have tanked 42.25% from the last week's trading session when the share price was above the Rs 100-mark. Photo: Official Website

The share price of Welspun India has cooled down slightly compared to the two previous trading sessions where investors dumped the shares.

On Wednesday, the shares of Welspun India were down nearly 10% at Rs 59.30 from the previous closing of Rs 65.85 on the BSE.

Welspun India's shares have shed 20% of their value in two trading sessions. 

The company's shares took a beatin after Minneapolis-based Target Corp, one of Welspun India's largest customers, cut ties with the company, accusing it of using lower quality cotton for making bedsheets between August 2014 and July 2016. 

Target Corp said it had carried out an extensive investigation which revealed the breach of standards held by the US-based company, and of trust. 

Target Corp said, "We have informed Welspun that, due to this conduct, we are in the process of terminating our relationship with them."

Since then, the company's shares have tanked 42.25% from the last week's trading session when the share price was above the Rs 100-mark. 

Now, Welspun India's shares are trading at a 13-month low.

Here’s how it has been performing in NSE since June 2015. 

Nearly 62 lakh shares have been sold since the announcement from Target Corp, on the BSE, and 1.89 crore shares on the NSE.

Welspun India was one of the producers of Egyptian cotton 500-thread count sheets under the Fieldcrest label for Target Corp.

Target Corp said neither it nor Fieldcrest had any knowledge of the substitution. "As soon as our investigation confirmed the substitution, we pulled out all remaining products from the stores," the company said. They have also offered a full refund for its customers.   

On August 22, Welpun India said, "We have initiated immediate actions to investigate the root cause. We are appointing (an) external auditor (one of the Big Four) to audit our supply systems and processors. This is an issue of highest priority for us and we will take all necessary steps to dissolve it." 
 

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Welspun IndiaTarget CorpBombay Stock Exchange (BSE)National Stock Exchange (NSE)StocksMarketsTextile industry
Written By: Pooja Jaiswar
Updated: Wed, Aug 24, 2016
01:48 pm
Mumbai , ZeeBiz WebDesk
RELATED NEWS
Welspun India, Nitin Spinners, Monte Carlo and other textile stocks grow up to 14% in a week – here's why Welspun India, Nitin Spinners, Monte Carlo and other textile stocks grow up to 14% in a week – here's why
Welspun India says poised to grow at 3X, expects revenue to cross Rs 15,000 crore in FY26 - stock ends flat Welspun India says poised to grow at 3X, expects revenue to cross Rs 15,000 crore in FY26 - stock ends flat
Buy, Sell or Hold: What should investors do with Vardhman Textiles, Welspun India and Zydus Lifesciences?  Buy, Sell or Hold: What should investors do with Vardhman Textiles, Welspun India and Zydus Lifesciences?
Q4 Results 2022: Cipla, Max Financial Services, Torrent Power, Ajanta Pharma, Welspun India declare March quarter results; see key highlights Q4 Results 2022: Cipla, Max Financial Services, Torrent Power, Ajanta Pharma, Welspun India declare March quarter results; see key highlights
Margins will remain under slight pressure for at least two quarters: Dipali Goenka, Joint MD & CEO, Welspun India Margins will remain under slight pressure for at least two quarters: Dipali Goenka, Joint MD & CEO, Welspun India

LATEST NEWS

Google rolling out smart compose feature in Chat on web

Nelco, Prime Securities shares to go ex-dividend today

Dollar Index declines after weak services data

Apple shares notch all-time high ahead of developer conference

Microsoft will pay $20 million to settle US Charges of illegally collecting children's data

Ashok Leyland, Cholamandalam ink pact to offer dealer financing solutions

Nothing to manufacture Phone (2) in India

Samsung Galaxy F54 5G launched with segment-first 108MP 'no shake' camera, 6000mAh battery: Check price and other details

WWDC 2023: From Vision Pro to 15-inch MacBook Air, here's what Apple unveiled

Sidbi to finance 50,000 EVs for MSMEs

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2023. Indiadotcom Digital Private Limited. All Rights Reserved.
LIVE TV