The shares of Future Retail gained significantly on Tuesday after a Delhi Court stayed the status quo order passed by a single judge in the case related to the dispute between Amazon and Future Retail.
At 1:23 pm, Future Retail was trading at ₹80.50 on the BSE, up ₹7.30 or 9.97 per cent.
Also read: Delhi HC stays single judge’s status quo order on Future-Reliance deal
It opened at ₹80.50 against the previous close of ₹73.20. It hit an intraday high of ₹80.50 and an intraday low of ₹78.15.
On the NSE, it was trading at ₹80.45, up ₹7.25 or 9.90 per cent.
A Delhi High Court Division Bench on Monday stayed the Single Judge Bench order directing ‘status quo’ of Future Retail Ltd-Reliance deal.
Chief Justice DN Patel and Justice Jyoti Singh directed the stay order stating that the prima facie reason was that Future Retail was not a party to the August 22, 2019 Shareholders Agreement executed between Amazon, Future Coupons Private Limited and the promoters of Future Retail, under which arbitration was initiated by Amazon in Singapore.
Amazon was not a party to the deal between FRL and Reliance Retail. The deals “are different” and “therefore, the group of companies doctrine cannot be invoked”, as per the order.
The ruling came as a relief for Future Retail whose ₹25,000-crore deal with Reliance Retail was getting delayed by the status quo order.
The shares of Reliance Industries Ltd also recorded marginal gains. RIL was trading at ₹1,979.95 on the BSE, up ₹28.45 or 1.46 per cent. It opened at ₹1,967.70 against the previous close of ₹1951.50.
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It recorded an intraday high of ₹1,990.00 and an intraday low of ₹1,960.00.
On the NSE, it was trading at ₹1,979.85, up ₹28.40 or 1.46 per cent.
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