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Future Retail hits over 3-year low; stock tanks 46% in four days

The management said the significant movement of price of the equity shares of the Company during recent past is due to unprecedented fall across the global markets including India

SI Reporter  |  Mumbai 

Future Retail
Future Consumer and Future Lifestyle Fashions were also locked in lower circuit in intra-day trade today

Shares of were locked in the 10 per cent lower circuit for the third straight day at Rs 153.75, hitting a fresh three-year low on the BSE on Monday with only sellers seen on the counter. The stock of the flagship company of the Future Group was trading at its lowest level since January 10, 2017.

In the past four trading days, the stock has tanked 46 per cent, as compared to 9 per cent decline in the S&P BSE Sensex. In the past one month, it has plunged 59 per cent, against 21 per cent fall in the benchmark index. The trading volumes on the counter jumped an over four-fold with a combined 1.44 million shares changed hands till 12:41 pm. There were pending sell orders for 1.2 million shares on the NSE and BSE, exchange data shows.

The management believes that the significant movement of price of the equity shares of the Company during recent past is due to unprecedented fall across the global markets, including India. "It is purely driven by the market forces", the company said.

The latest disclosures under SEBI SAST (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 transaction was made by Vistra ITCL (India) in where pledge of 18.16 million shares was reported to the exchange on March 6, 2020. CLICK HERE FOR FULL DETAILS

The equity shares of the company have been pledged with Vistra between December 30, 2019 and March 5, 2020 in a capacity of Debenture Trustee in order to secure the Debentures issued by RSCL Trading Private Limited, Future Corporate Resources Limited and Future Capital Investment Private Limited, the company said.

Apart from Future Retail, Future Consumer (down 5 per cent at Rs 12.24) and Future Lifestyle Fashions (10 per cent at Rs 320) were also locked in lower circuit in intra-day trade today.

First Published: Mon, March 16 2020. 12:23 IST
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