Future Group shares fall sharply as deal with Reliance faces fresh roadblock

Future Retail shares plummeted in opening trade a day after the Delhi High Court upheld the Emergency Award (EA) order passed by the Singapore International Arbitration Centre (SIAC) against Future Retail’s Rs 24,713 crore deal with Mukesh Ambani’s Reliance. 

Shares of Kishore Biyani-led Future Retail Ltd fell sharply on the stock market on Friday. The company's shares hit the 10 per cent lower circuit at Rs 55.85 on the Bombay Stock Exchange (BSE) in opening trade. The company's shares plummeted a day after the Delhi High Court upheld the Emergency Award (EA) order passed by the Singapore International Arbitration Centre (SIAC) against Future Retail's Rs 24,713 crore deal with a subsidiary of Mukesh Ambani’s Reliance Industries Limited (RIL). As part of the deal, Reliance was supposed to acquire Future’s retail, logistics and warehousing businesses. But global e-commerce giant Amazon had opposed the Future-RIL deal soon after it was announced last year and subsequently secured the EA award against the deal from the Singapore arbitrator.