Reliance Industries shares decline over 2%; Future Retail tanks 5%

Shares of Future Retail tanked 4.98 per cent to Rs 77.25 on the BSE

Shares of Reliance Industries on Wednesday declined over 2 per cent amid concerns over the Future Group deal.

The heavyweight stock opened the day on a weak note and further dipped 2.66 per cent to Rs 1,888 on the BSE during the day. The stock finally closed at Rs 1,895.25, lower by 2.29 per cent.

On the NSE, it declined 2.63 per cent to close at Rs 1,890.

In traded volume, 17.40 lakh shares were traded on the BSE and 1.95 crore units on the NSE during the day.

Reliance Industries shares have been falling for the third consecutive day on Wednesday, declining 9.65 per cent on the BSE during this time.

In three days, Reliance Industries market valuation has tumbled Rs 97,880.97 crore to Rs 12,01,482.50 crore on the BSE.

US online retailer Amazon has filed a petition in the Delhi High Court seeking detention of Future Group founders, including CEO Kishore Biyani, and seizure of their assets as it sought to block Future Group from selling retail assets to Reliance Industries.

In the petition, Amazon sought enforcement of the Singapore arbitrator's ruling in October against its partner Future's Rs 24,713 crore deal with Reliance.

Amazon, which wants the deal to sell retail assets to Reliance to be stopped, also asked the court for a direction for "detention of the directors (of Future Group entities) in civil prison".

Future Retail, in a regulatory filing on Monday said it would defend the matter through its legal counsels.