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Future Retail, other group stocks continue to fall as investors sell shares

Future Retail Ltd further tumbled 5 per cent on Thursday as investors continued to sell the company's shares for the second consecutive day.

Future Retail | Investors

Press Trust of India  |  New Delhi 

BSE, sensex, market, shares, stocks, trading, brokers, investment, investors, growth, results, Q, earnings

Ltd further tumbled 5 per cent on Thursday as continued to sell the company's shares for the second consecutive day.

The stock declined 4.99 per cent to close at Rs 74.20 -- its lower circuit limit -- on the BSE.

On Wednesday too, Ltd (FRL) declined 5 per cent amid concerns related to the deal with Reliance Retail.

Other group stocks also tumbled on Thursday, with Future Enterprises falling 4.94 per cent, Future Lifestyle Fashions declining 4.98 per cent and Future Consumer slumping 4.26 per cent.

Sebi, on Wednesday, barred Kishore Biyani and certain other promoters of FRL from the securities market for one year for indulging in insider trading in the shares of the company.

Apart from Kishore Biyani, who was the CMD and promoter of Ltd (FRL), others facing ban are Future Corporate Resources Pvt Ltd, Anil Biyani and FCRL Employee Welfare Trust.

FRL said that Sebi's one-year ban on its chairperson Kishore Biyani and some other promoters from the securities market will have "no impact" on the Rs 24,713 crore-deal with Reliance.

"... order will have no impact on the ongoing Scheme of Arrangement of the company. We understand that the relevant parties propose to challenge this order in exercise of their statutory right to appeal," FRL said on Wednesday.

The development comes at a time when Future Group is locked in a bitter legal battle with e-commerce giant Amazon over the deal with Reliance.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Thu, February 04 2021. 20:18 IST