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The shares of Future Retail were locked in the lower circuit on Friday after the Delhi High Court stayed the ₹25,000crore Future-Reliance deal.
The company’s shares opened at a fresh 52-week low of ₹55.85 on the BSE, down ₹6.20 or 9.99 per cent as against the previous close of ₹62.05. It touched an intraday high of ₹57.15 before being locked in the lower circuit.
On the NSE, it opened at a record low of ₹55.90, down ₹6.20 or 9.98 per cent.
In a win for Amazon, the Delhi HC on Thursday stayed the Future-Reliance deal, upholding the interim order of the Singapore International Arbitration Centre (SIAC).
In January, Amazon had moved the Delhi High Court to implement SIAC’s interim stay, praying for a restraining injunction against the Future Retail-Reliance Industries deal.
Also read: In relief for Amazon, Delhi HC stays ₹25,000-cr Future-Reliance deal
The Delhi HC has now directed the Future Group to not take any action in furtherance of the deal with Reliance.
It has also ordered the attachment of Kishore Biyani’s properties in addition to a fine of ₹20 lakh on Future Retail for “wilfully violating Singapore Arbitrator’s order”. The fine is to be deposited with the PM’s Relief Fund.
However, the case is also being heard by the Supreme Court. According to the Supreme Court’s interim order, Future can continue the proceedings at the NCLT, but no final approval can be given to the deal with Reliance till the matter is heard by the top court.
However, shares of Reliance Industries were trading at ₹2,013.15, up ₹3.65 or 0.18 per cent on the BSE. On the NSE, they were trading at ₹2,013.50, up ₹4.40 or 0.22 per cent.
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