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.
Symbol: COTTON| Contract: Oct, 2016| Category: Fiber
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Cotton's Latest News
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.
Monsanto Co has withdrawn an application seeking approval for its next generation of genetically modified cotton seeds in India, a major escalation in a long-running dispute between New Delhi and the world's biggest seed maker.
US retailer Bed Bath & Beyond said it ordered an external audit of textiles from Welspun India, putting more pressure on the embattled Indian bedding and towel maker that has seen nearly half its market value wiped out this week.
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