Future Retail dives 10%; group cos stocks also tumble

NEW DELHI: Shares of Future Retail Ltd on Friday tumbled almost 10 per cent after the Supreme Court ruled in favour of the US-based e-commerce giant Amazon by holding that the Singapore’s Emergency Arbitrator (EA) award, restraining the Rs 24,731 crore merger deal of FRL with Reliance Retail, was valid and enforceable under Indian laws.

Following this, the stock went into a tailspin and tumbled 9.94 per cent to its lower circuit of Rs 52.55 on the BSE.

Other group stocks also dropped, with shares of Future Consumer diving 16.12 per cent during the day,

Future Supply Chain Solutions tumbling 9.99 per cent, Future Enterprises nosediving 9.98 per cent, and Future Lifestyle Fashions 9.94 per cent.