Lenskart Solutions, one of the country's leading eyewear retailers, is facing significant financial repercussions following a controversy related to religious attire and symbols. On Monday, the company's shares witnessed a sharp decline in the stock market, resulting in a valuation loss of over ₹4500 crore. The turmoil began after an old internal grooming policy surfaced online, drawing severe criticism for allegedly prohibiting visible religious marks in the workplace.
Significant Drop in Share Prices
During the trading session on the Bombay Stock Exchange (BSE), Lenskart Solutions' shares fell by approximately 5%. 70.85. 60, which was about 1% lower than the previous close.
Valuation Loss of Over ₹4500 Crore
The impact on the company's market capitalization was substantial during the session, while 48 crore. 20 crore. 72 crore during the peak of the sell-off. 73 crore by 3:00 PM.
The Grooming Policy Controversy
The controversy erupted when an old internal document regarding employee grooming standards began circulating on social media. The policy reportedly restricted employees from wearing specific religious marks, particularly Bindi and Tilak. This led to widespread public outrage and calls for a boycott of the brand. The negative sentiment directly translated into market pressure on the company's stock performance.
Clarification and Apology from Founder Peyush Bansal
Addressing the uproar, Lenskart founder Peyush Bansal clarified that the document being circulated is an "old version" and doesn't represent the company's current stance. Bansal stated, "I want to state directly that this document doesn't reflect our current guidelines, while " He also expressed his apologies for the misunderstanding and concern caused by the situation.
New In-Store Style Guide Issued
Following the public outcry, Lenskart issued a formal apology and released a standardized 'In-Store Style Guide' that explicitly permits employees to wear religious and cultural symbols while at work.
The company stated that if any communication related to their workplace has hurt anyone's sentiments or made any team member feel that their religion isn't welcome, they deeply regret it. Lenskart emphasized that it isn't that kind of company and will never become one.