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Welspun India stock hit lower circuit for third day in a row, down 42%

Shares of Welspun India hit lower circuit for the third day in a row on Wednesday, as the fallout from Target Corp's decision to terminate business with the firm for passing off cheap sheets as premium Egyptian cotton escalated.

Shares of Welspun India tanked 36 per cent in two days after Target Corp said it was severing ties with the company over a cotton supply dispute.
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In a circular, BSE said it would shift the scrips to the Z group, wherein their scrips would be settled on trade-for-trade basis.
The stock of Zee Learn hit a 6-month high of Rs 35.95, up 19 per cent on the BSE, while the stock of Tree House touvhed its upper circuit of Rs 37.90.
At 11:07 am, the stock was trading 1.25 per cent lower at Rs 1050 on the BSE. It opened at 1,042 level and hit a low of 1,027 level, later recovering some ground.
Jhunjhunwala, the owner of Rare Enterprise Equity, bought 7 lakh shares of the company at an average price of Rs 91.62 per share on Tuesday.
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