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

PTI, Jan 27, 2021, 12:03 PM IST

New Delhi: 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 2.43 per cent to Rs 1,892.55 on the BSE.

At the NSE, it declined 2.56 per cent to Rs 1,891.15. Shares of Future Retail also tanked 4.98 per cent to Rs 77.25 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.