Lenskart shares tumble 5% amid online backlash over dress code row

The shares of eyewear retailer Lenskart Solutions tumbled nearly 5% on Monday as the company continued to receive online backlash on social media regarding its alleged restrictions on religious symbols in its in-store dress code, even after the company’s founder and CEO, Peyush Bansal, issued a clarification.

The company has been strongly criticised recently for an outdated internal grooming policy circulated online, appearing to restrict visible religious attire. The policy allegedly restricted employees from wearing certain religious marks, particularly bindi and tilak, sparking outrage and calls for a boycott.

Lenskart apologises, issues clarification

Addressing the uproar a few days ago, Lenskart founder Peyush Bansal clarified that the viral document was an “outdated version” and did not reflect the company’s current stance.”I want to speak directly that this document does not reflect our present guidelines. Our policy has no restrictions on any form of religious expression, including bindi and tilak,” Bansal had stated, apologising for the confusion and concern the situation had caused.

Lenskart later issued a public apology and released a standardised ‘In-Store Style Guide’ that allows employees to wear religious and cultural symbols at work. The new policy “explicitly and unambiguously” welcomes all symbols of faith carried by team members, including the bindi, tilak, sindoor, kalawa, mangalsutra, kada, hijab, and turban.

“If any version of our workplace communication caused hurt or made any of our team members feel that their faith was unwelcome here, we are deeply sorry. That is not who Lenskart is, and it is not who we will ever be,” the company said.“At the same time, as a proudly Indian company, we recognise and celebrate the rich cultural diversity that defines our country. We care about professionalism and hygiene, and fully respect personal, cultural, and religious expression. This diversity is not just acknowledged but genuinely valued as part of what makes Lenskart the workplace it is,” the company wrote in its style guide.

Lenskart share price

The shares of Lenskart made a weak market debut in November last year, listing at a discount of nearly 3% over its IPO price on BSE. This came even as the Rs 7,278-crore IPO saw strong investor interest during its three days of public bidding, being subscribed more than 28 times its offer size.

The stock has so far gained more than 30% from its listing price. The stock declined nearly 5% to trade at Rs 508.7 apiece on Monday.

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