Pantaloon Retail fell as much as 3.2 per cent after the commerce minister said a proposal to open multi-brand retail to foreign direct investment was not on the agenda of the government's cabinet meeting on Friday.
Pantaloon shares were down 2.8 per cent at Rs 146.75 at of 12:34 p.m., while Shoppers Stop was down 0.8 per cent.
However, the minister said the cabinet would discuss a proposal to allow FDI into the aviation sector, though the news had been expected.
Airline shares held on to their previous gains, with SpiceJet up 3.2 per cent.
Copyright Thomson Reuters 2012
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