JOIN USRIL, Future Group stocks hit by Amazon's legal notice
Shares of RIL on Thursday came under selling pressure and declined nearly one per cent after Amazon.com Inc slapped a legal notice on Future Group over its Rs 24,713 crore asset sale to the Mukesh Ambani-led conglomerate.
The stock dipped 0.81 per cent to close at Rs 2,238.90 on the BSE. During the day, it declined 1.53 per cent to Rs 2,222.40.
On the NSE, it closed at Rs 2,239.25, lower by 0.80 per cent.
Future Group stocks also witnessed selling pressure, where Future Lifestyle Fashions Ltd tumbled 6.20 per cent.
Future Retail Ltd tanked 5.44 per cent and Future Enterprises Ltd declined 4.94 per cent on the BSE.
US online retailer Amazon.com Inc has slapped a legal notice on Future Group, alleging that the retailer's Rs 24,713 crore asset sale to Reliance Industries violated an agreement with the e-commerce giant. "We have initiated steps to enforce our contractual rights," a spokesperson for the Seattle-based e-commerce giant said.
"As the matter is sub-judice, we can't provide details."
Amazon last year bought a 49 per cent stake in one of Future's unlisted firms, Future Coupons Ltd, with the right to buy into flagship Future Retail after a period between 3 and 10 years. Future Coupons owns a 7.3 per cent stake in Future Retail.
In August this year, Future reached an agreement to sell its retail, wholesale, logistics and warehousing units to Reliance.
The deal is awaiting regulatory approvals.
A source who is advising Future Group in this matter told PTI that Future Coupons received the notice from Amazon. The person added that the Kishore Biyani-led group intends to settle this matter amicably, either through mediation or arbitration.