Reliance Industries Slips Nearly 2% As Reliance Retail-Future Deal Put On Hold
Reliance Industries (RIL) shares slipped almost 2 per cent in mid-morning trading a day after the Singapore-based arbitrator passed an interim order, restraining Future Retail from selling its retail business to Reliance Industries for Rs 24,713 crore. At 11:15 am, the shares of Reliance Industries were trading at Rs 2072, lower by Rs 40 or 1.9 per cent on the BSE. The shares touched an intra-day high of Rs 2106 and a low of Rs 2064.45 thus far.
The indebted Kishore Biyani group company had earlier signed a pact to sell its retail, wholesale, logistics and warehousing units to billionaire Mukesh Ambani's Reliance Industries, through its subsidiary Reliance Retail Ventures.
Meanwhile, Reliance Retail said "it intends to enforce its rights and complete the transaction as per its agreement with the Future Group without any delay" after the US-based e-ecommerce major Amazon.com won an interim award against Kishore Biyani-owned group company for its deal with Reliance Retail Ventures Ltd (RRVL).
Reliance Retail Ventures operates retail business spanning supermarkets, consumer electronics chain stores, cash and carry wholesale business, fast-fashion outlets and online grocery store JioMart.
The BSE Sensex was trading at 40,8471.89, lower by 203.03 points or 0.50 per cent and the NSE Nifty was a 11867.30, down 62.75 points or 0.53 per cent at the time.
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