Porinju Veliyath Hails Gautam Singhania's Leadership In Growing Raymond Shares 10 Fold: 'No Matter What His Personal Troubles Were...'

Ace investor Porinju Veliyath lauded Raymond Chairman Gautam Singhania on social media platform X for his exceptional performance despite personal challenges. Veliyath noted that Raymond’s stock had surged 10 times in three years under Singhania’s leadership.

Veliyath tweeted on Monday, “Raymond 10x in 3 years! No matter what his personal troubles were, @SinghaniaGautam focused on the core business, pursued his passion in real estate and delivered on his commitments to shareholders. Kudos!”

Veliyath’s tweet comes amid a period of significant personal and professional developments for Singhania. Recently, Singhania’s salary saw a 22% increase in FY24, reflecting his successful management of the company.

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The praise from Veliyath underscores Singhania’s resilience and focus on business growth despite ongoing personal issues. Singhania has been embroiled in a high-stakes corporate battle, with allegations of domestic violence and misuse of company funds brought forth by his estranged wife, Nawaz Modi-Singhania.

The bad blood between the two drove Institutional Investor Advisory Services (IiAS) to recommend an investigation into these allegations, urging the temporary exclusion of both Singhania and his wife from the board during the inquiry.

Moreover, Nawaz Modi-Singhania was ousted from the board of three privately held Raymond Group companies in April amid their divorce dispute.

Gautam Singhania took to X to thank Veliyath for his praise, adding that he was committed to creating value for shareholders.

Price Action: Raymond’s stock was up 2.97% at ₹2,545 near the end of trade on Monday. The stock has climbed over 540% from a share price of ₹396.50 since June 2021.

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Posted In: EquitiesLarge CapNewsSocial MediaMarketsGeneralGautam SinghaniaPorinju VeliyathRaymond