Future Retail shares decline 5%; other group stocks also tumble

Shares of Future Retail on Wednesday declined 5 per cent amid concerns related to the deal with Reliance Retail.

The Delhi High Court on Tuesday directed Future Retail Ltd (FRL) to maintain status quo in relation to its Rs 24,713 crore deal with Reliance Retail, which has been objected to by the US-based e-commerce giant Amazon.

Future Retail tanked 4.99 per cent to close at Rs 78.10 -- its lower circuit limit -- on BSE.

Also read: Sebi bars Future Group CEO Kishore Biyani from securities market for 1 year

Other group stocks also declined, with Future Enterprises falling 4.94 per cent, Future Lifestyle Fashions dipped 5 per cent and Future Consumer 4.98 per cent.

Amazon has approached the High Court seeking direction to order enforcement of the award by Singapore's Emergency Arbitrator (EA) restraining FRL from going ahead with its Rs 24,713 crore deal with Reliance Retail.

The Future Group and Amazon have been locked in a battle after the US-based company took FRL into the emergency arbitration over alleged breach of a contract between them.