Raymond slid 5.27% to Rs 417.05 as Sanjay Behl has decided to step down as the CEO of the company's lifestyle business.
Sanjay Behl, CEO-Lifestyle Business Raymond has decided to step down from his current role after serving for 7 years in the company.This development is a natural transition as we are in the process of forming a new company that is focussed on lifestyle business as part of the demerger process at Raymond Group. While we are in the process to appoint a new CEO, Sanjay Behl has agreed to help in the transition and a seamless hand over.
Raymond Group announced the demerger recently and has already initiated the process of completing the formalities for listing the new lifestyle entity, 'Raymond Lifestyle.' The lifestyle business through a new listed company will have the existing business of branded textiles, branded apparel & garmenting.
Raymond's consolidated net profit surged 409.2% to Rs 195.28 crore on a 12.6% increase in net sales to Rs 1,885.43 crore in Q3 December 2019 over Q3 December 2018.
Raymond is an Indian lifestyle, textile and branded apparel firm. The company is engaged in wool and wool blended fabric, and shirting fabric.
The stock hit its 52-week low at Rs 404.45 during intraday trade.
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