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Welspun tanks over Target break-up

Rachel Chang  |  Shanghai 

Welspun India shares fell 20 per cent, the most in a decade, after Target Corp said it's terminating business with the Indian manufacturer over cheaper cotton sheets being passed off as premium Egyptian cotton. The company said it will review its supply chain and expects an audit to be completed within six to eight weeks. "There has been a failure on our part, without an ambiguity," said Welspun managing director Rajesh Mandawewala on a conference call Monday. "The error is on our side so we have to take responsibility for it." Target on Friday said it discovered ...

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First Published: Mon, August 22 2016. 22:30 IST
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