lenskart
The controversy related to Bindi and Tilak seems to be proving very costly for Lenskart Solutions, one of the biggest eye wear companies of the country. There was a significant decline in the company’s shares in the stock market on Monday. Due to which the valuation of the company reduced by more than Rs 4500 crore. Recently, an old internal grooming policy of the company was circulated online, due to which the company was severely criticized. This policy prohibits visible religious attire.
It was alleged that in this policy the employees were prevented from wearing certain religious marks, especially Bindi and Tilak, due to which people got angry and the demand for boycott of the company started rising. The company was also facing online opposition on social media. Let us also tell you how much decline was seen in the shares of the companies and how much loss the company suffered.
Big fall in company’s shares
Shares of Lenskart Solutions witnessed a decline of about 5 percent during the trading session on Bombay Stock Exchange. Due to which the company’s shares fell to a lower level of Rs 508.70 during the trading session. However, the company’s shares opened at Rs 530.05 in the morning and closed at Rs 534.85 on the last trading day of last week. By the way, at around 3 pm the company’s shares are trading at Rs 530.60 with a decline of about 1 percent. This means that there has been a recovery in the company’s shares.
Company suffered loss of Rs 4500 crore
If we talk about the loss of the company, it has suffered a loss of more than Rs 4500 crore during the trading session. If we look at the data, when the company’s shares had reached the lower level of the day, the valuation of the company had come down to Rs 88,331.48 crore. Whereas during last week’s trading session, the valuation of the company was at Rs 92,872.20 crore. This means that there was a decrease of Rs 4,540.72 crore in the valuation of the company during the trading session. Well, now a lot of recovery has been seen in it and at 3 pm the valuation of the company is seen at Rs 92,038.73 crore.
Lenskart apologized, gave clarification
Speaking on the uproar a few days ago, Lenskart founder Peyush Bansal clarified that the document that is going viral is an “old version” and does not reflect the company’s current stand. Bansal said that I want to say directly that this document does not reflect our current guidelines. Our policy does not prohibit any kind of religious attire or markings, including bindi and tilak. He also apologized for the misunderstanding and concern caused by this situation.
New in-store style guide released
Lenskart later publicly apologized and issued a standard ‘in-store style guide’, in which employees are allowed to wear religious and cultural symbols while at work. The new policy “explicitly and without any doubt” welcomes all religious symbols worn by team members, including bindi, tilak, sindoor, kalava, mangalsutra, kada, hijab and turban. The company said that if anyone has been hurt by any communication related to our workplace, or any of our team members have felt that their religion is not welcome here, then we deeply regret it. Lenskart is not such a company, nor will we ever become one.
