The stock rose 7.33% to an intraday high of Rs 2,409.8 on BSE. However, it later pared some gains and was seen trading 3.35% higher at Rs 2,320.45. The scrip opened at Rs 2,263 and recorded a low of Rs 2,251, with the volume-weighted average price (VWAP) at Rs 2,351
The feud within the Modi family had been brewing since the death of patriarch K.K. Modi in November 2019. The disagreement centred around the control and distribution of assets under the family trust, which holds the controlling interest in Godfrey Phillips India, the manufacturer and distributor of Marlboro cigarettes in India.
Brothers Samir Modi and former IPL commissioner Lalit Modi had challenged Bina Modi’s leadership of the trust, alleging that the terms laid out by their late father were not being executed. The family trust deed called for either an agreed continuation of the family business or a structured sale of assets if consensus could not be reached.
The battle spilt into the open during a May 2024 board meeting of the company, where Samir Modi alleged that he was physically assaulted while trying to enter the boardroom. A criminal complaint was filed following the incident, and Samir Modi was subsequently ousted from the board later that year.
In a dramatic shift, Samir Modi confirmed that he has pulled back his lawsuits and complaints against his mother, expressing a desire to seek family
reconciliation over the late K.K. Modi’s legacy. He noted that he was hopeful of a peaceful resolution, adding that legacies and families should outlast corporate fights.
Also Read: ‘I have withdrawn all legal cases against mother,’ says Samir Modi
For investors, the prospect of a truce provides relief by removing a lingering corporate governance overhang. A peaceful compromise eliminates concerns surrounding protracted litigation, boardroom instability, or potential forced asset liquidations that had created uncertainty around the company’s long-term management structure.
Godfrey Phillips India shares currently trade below their 52-week peak of Rs 3,945, while staying comfortably above the 52-week low of Rs 1,832.
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