The revenue loss will mean that the company will not be able to achieve the ‘mid-teen’ revenue growth guidance for the current year. Photo: MintMumbai: Welspun India Ltd lost over Rs.2,000 crore in market capitalisation on Monday, after one of its largest customers, Target Corp. said it is in the process of terminating its business relationship with it. Target accounted for about 10% of the company’s revenues, with the product in question accounting for about 10% of the total Target business. They feel these customers may ask Welspun to either reduce product prices or compensate them for the compliance issue. The revenue loss will mean that the company will not be able to achieve the “mid-teen” revenue growth guidance for the current year.

Source: Mint August 22, 2016 08:06 UTC