The supply crunch has driven up prices in India to levels higher than in the global market and could force buyers to switch to other producers.
Symbol: COTTON| Contract: Jan, 2017| Category: Fiber
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The Egyptian cotton imbroglio hit the company hard and led to a net loss in the quarter ended September 30 from an otherwise healthy profit last year.
Welspun India said the two cases filed against it in the US over bed sheets supplied not being 100 per cent Egyptian cotton are at preliminary stages and it cannot be determined at present whether they will even be permitted to proceed as class actions.
Two class-action lawsuits have been filed against Welspun India Ltd. that allege the company fraudulently labeled its bed sheets and towels as premium Egyptian cotton, the latest setback for the supplier after Target Corp. cut ties with the manufacturer over the same issue.
Welspun India shares pulled back after slumping 5 per cent to Rs 54 at days lows. In noon trade, shares of Welspun India were up 1.3 per cent at Rs 57.50.
Wal-Mart Stores Inc said it will stop selling Egyptian cotton sheets made by Welspun India after the Indian manufacturer was unable to assure them the products were authentic.
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