Future Retail has dipped 11% to Rs 87 extending its previous day’s 33% fall after the stock turned ex-scheme of arrangement on Friday. The company de-merged its fashion business and formed a new company Future Lifestyle Fashions.
Future Retail is now left with low margin businesses such as Big Bazaar and Food Bazaar.
The stock opened at Rs 97.70 and hit a low of Rs 80.20, its lowest market price since November 2004, on BSE. A combined 29.58 million shares already changed hands on the counter till 1520 hours against an average sub 10 million shares that were traded daily in past two weeks on BSE and NSE.
Future Retail, formerly known as Pantaloon Retail, and Future Ventures India agreed in November 2012 to demerge their fashion businesses into a new listed unit that will simplify the businesses into three main segments.
Future Retail is now left with low margin businesses such as Big Bazaar and Food Bazaar.
The stock opened at Rs 97.70 and hit a low of Rs 80.20, its lowest market price since November 2004, on BSE. A combined 29.58 million shares already changed hands on the counter till 1520 hours against an average sub 10 million shares that were traded daily in past two weeks on BSE and NSE.
Future Retail, formerly known as Pantaloon Retail, and Future Ventures India agreed in November 2012 to demerge their fashion businesses into a new listed unit that will simplify the businesses into three main segments.
