Future Shares Slump 4.99% After Amazon Gets Interim Relief In Retail Deal
Shares of Future Retail Limited, the country's second-largest retailer, traded 4.99 per cent down on Wednesday, February 3, a day after Amazon received interim relief from the Delhi High Court in the retail deal. The court has asked Future Retail to maintain its status quo in its deal to sell its retail and wholesale assets to reliance Industries, in a major setback for both firms. On Wednesday, Future Retail opened on the BSE at Rs 78.1 and touched an intra day high and low of Rs 78.1 and Rs 78.1 respectively, in the trading session so far. The stock of Future Retail quoted a 52-week high of Rs 382.55 and a 52 week low of Rs 61.05. (Also Read: Amazon Scores Interim Win As Delhi High Court Blocks Future's $3.4 Billion Retail Deal )
As part of the ongoing corporate battle, the Delhi High Court blocked Future Group's sale of assets to rival Reliance Industries on Tuesday after US online giant, Amazon raised objections to the $3.4 billion deal. The ongoing deal is seen as a battle of the retail titans that is likely to reshape the shopping sector. The decision is a setback for the Future Group, which agreed to sell its retail businesses to market leader Reliance last year.
It has said it could face liquidation if the deal falls through. The battle has engaged giant businesses led by two of the world's richest men - Amazon's Jeff Bezos and Reliance's Mukesh Ambani. The deal assumes significance as it could determine whether Amazon will be able to play big amid Reliance's dominance, which sells through its network of over 12,000 stores, at a time when COVID-19 has increased the demand for online shopping.
The total market cap of Future Retail stood at Rs 4,235.24 crore. At 12:39 pm, shares of Future Retail traded 4.99 per cent lower at Rs 78.10 on the BSE.
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