Welspun has lost as much as 43% of its market value this week, the worst performance among India’s top 200 companies. J.C. Penney, the manufacturer’s fifth-biggest customer, said the company is reviewing its Welspun products. Target said on 19 August it had pulled sheets and pillowcases off its shelves after discovering they were mislabeled as Egyptian cotton. Wal-Mart, the world’s largest retailer, is reviewing Welspun’s cotton certification records and plans to hold further discussions with the manufacturer. The chain is also reviewing its other suppliers of Egyptian cotton products out of an abundance of caution, spokeswoman Marilee McInnis said Tuesday.

Source: Mint August 24, 2016 07:41 UTC