Monday, August 22, 2016

SUPPLY OF POOR QUALITY FABRICS : WELSPUN TANKS 20%

Welspun shares have slumped 20 per cent as its European client Target  has severed all its business ties with Welspun India over Egyptian-cotton controversy. 

Target says that in July it discovered that 750,000 sheets and pillowcases labeled Egyptian cotton were made with another type of cotton / poor quality cotton.

The stock has tanked 20% and trading at Rs 82.

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