Future Group shares continue to fall for second day; down up to 20%

Shares of Future Group firms continued to slide for the second day in a row on Tuesday, plummeting up to 20 per cent.

With the proposed deal with Reliance falling through, investors have been dumping the shares of Future Group since Monday even as the broader market made substantial gains after declining for two consecutive sessions.

Future Lifestyle Fashions tumbled 19.90 per cent, Future Supply Chain Solutions plummeted 16.87 per cent, Future Consumer shares tanked 13.08 per cent, Future Enterprises declined 9.89 per cent and Future Retail fell 4.86 per cent on the BSE.

On Monday also, the scrips witnessed similar trends.

Reliance Industries Ltd, on Saturday, said the secured creditors of Future Retail Ltd have voted against the proposed deal. In view thereof, the subject scheme of arrangement cannot be implemented, it had said.

Under the scheme, the retail and wholesale business and the logistics and warehousing business of Future Group was to be transferred to Reliance Retail Ventures Ltd (RRVL) and Reliance Retail and Fashion Lifestyle Ltd (RRFLL).

On Tuesday, the 30-share BSE Sensex jumped 776.72 points or 1.37 per cent to close at 57,356.61 points.