 "Welspun India falls 20% on talk of Target breaking ties")
Welpsun India is locked in lower circuit of 20% at Rs 82.30 on the BSE in early morning trade as Bloomberg report suggest that Target Corp is ending all business with the textile manufacturers, after saying the supplier was sending it phony Egyptian cotton sheets. LINK
Target is Mumbai-based Welspun's second-biggest customer, behind Bed Bath & Beyond Inc, according to Bloomberg data.
On news report, Welspun India said that it has initiated actions to investigate the root cause.
“We are appointing an external auditor (one of the Big four) to audit our supply systems and processes. This is an issue of highest priority for us and we will take all necessary steps to address it,” it added.
Till 09:26 am, a combined 264,071 equity shares changed hands on the BSE and NSE. There were pending sell orders for 26.26 million shares on both the exchanges.
Target is Mumbai-based Welspun's second-biggest customer, behind Bed Bath & Beyond Inc, according to Bloomberg data.
On news report, Welspun India said that it has initiated actions to investigate the root cause.
“We are appointing an external auditor (one of the Big four) to audit our supply systems and processes. This is an issue of highest priority for us and we will take all necessary steps to address it,” it added.
Till 09:26 am, a combined 264,071 equity shares changed hands on the BSE and NSE. There were pending sell orders for 26.26 million shares on both the exchanges.