Shares of India's Future Group companies surged about 20 per cent on Monday after the country's antitrust agency suspended Amazon.com Inc's 2019 deal with the group, potentially making it easier for Reliance Retail to buy Future's retail business.
The regulator ruled the US e-commerce giant suppressed information while seeking regulatory approval on an investment in Indian retailer Future Group two years ago.
The suspension potentially dents Amazon's attempts to block the sale of Future's retail assets to Reliance Industries Ltd's unit.
Amazon has for months successfully used the terms of its $200 million (Rs 1,522 crore) investment in Future Group to block the Indian retailer's attempts to sell retail assets to Reliance for $3.4 billion (around Rs 25,900 crore).
Future Retail, Future Consumer, Future Enterprises and Future Lifestyle Fashions climbed nearly 20 per cent, with shares of Future Retail touching a two-month high.
Reliance Industries shares slid 2.2 per cent amid a broader market sell-off.
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