Reliance Industries Shares Fell More Than 2 Percent
Reliance Industries shares fell more than 2 percent, Future Retail shares fell by 5 percent. Reliance Industries (RIL) shares fell more than two percent on Wednesday amid concerns related to the Future Group deal.
The heavyweight stock opened with a weak trend on Wednesday and later fell by 2.43 percent to Rs 1,892.55 on the BSE. At the same time, the company’s share price on the NSE fell 2.56 percent to Rs 1,891.15. Future Retail’s shares fell 4.98 percent to Rs 77.25 on the BSE.
The US online retailer Amazon has filed a petition in the Delhi High Court seeking custody of the group’s founders including Future Group CEO Kishore Biyani and seizing their properties.
Amazon has filed this petition with the aim of stopping the Reliance-Future deal.
Amazon in its petition has sought to implement the Singapore Arbitration Forum’s decision against its partner Future Group. The Arbitration Forum of Singapore had given its order in October over the Rs 24,713 crore deal between Reliance and Future Group.
Amazon is trying to stop this deal. The e-commerce company has sought the custody of the directors of Future Group.
Future Retail told the stock markets on Monday that it will defer the matter through its legal counsel. According to analysts, due to these developments, shares of both the companies are seeing this decline.
Sensex plunge 938 points in stock markets; Banking, finance, and automobile companies stocks have badly broken.
Domestic stock markets witnessed a steep decline for the fourth consecutive season. Sensex and Nifty collapsed badly due to heavy selling in shares of banking, automobile, metal, and pharma companies.
The 30-share sensitive index of the BSE fell 937.66 points, or 1.94 percent, to close at 47,409.93. At the same time, Nifty lost 271.40 points, ie 1.91 percent, and closed at the level of 13,967.50. Tata Motors, Axis Bank, Tata Steel, GAIL, and Tyne were the biggest losers on the Nifty.
At the same time, shares of Tech Mahindra, SBI Life Insurance, Wipro, ITC, and Powergrid Corporation closed up. Talking about the sectoral index, all the indices except the FMCG sector closed with a red mark
