SC stalls Future Retail deal with Reliance; Group stocks tumble up to 16%

Shares of Future Retail tanked 10 per cent to hit a low of Rs 52.55 on the BSE in intra-day session on Friday after the Supreme Court ruled in favour of Amazon in its tussle with the company.

The apex court allowed the appeal filed by Amazon against a Delhi High Court order staying attachment of properties of Future Group companies and Kishore Biyani in relation to the Rs 24,713-crore Future-Reliance deal. This came as a big boost to Amazon.

Amazon and Future had been locked in legal battles over the deal, with the US-based firm accusing the Future Group of violating pre-existing contracts when it sold its assets to rival Reliance Industries. Future Group, however, has denied any wrongdoing.