Future Group shares were trading lower today after market regulator SEBI barred Future Group CEO Kishore Biyani from accessing securities market for a period of 1 year. While share of Future Consumer was down 4.75% at Rs 7.82, Future Lifestyle share fell 4.98% to Rs 83.95 on BSE.
Future Consumer share is trading lower than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The stock has lost 8.91% in the last 2 days. The stock has lost 65.4% in one year and fallen 8.11% since the beginning of this year.
Future Lifestyle stock has lost 9.73% in the last 2 days. The stock opened with a loss of 4.98% today. Share of Future Lifestyle has lost 79.42% in one year and fallen 3.39% since the beginning of this year.
Share of another Future Group firm Future Retail declined 4.99% to Rs 74.20 on BSE. The stock opened with a loss of 4.99% today. Future Retail share is trading lower than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The stock has lost 9.73% in last 2 days. Future Retail stock has lost 77.34% in one year and fallen 5.72% since the beginning of this year.
Share of Future Enterprises fell 4.94% to Rs 11.15 on BSE in early trade. The stock has lost 9.64% in the last 2 days. The stock trades higher than 100 day moving averages but lower than 5 day, 20 day, 50 day and 200 day moving averages. Future Enterprises share has lost 49.55% in one year and gained 3.04% since the beginning of this year.
SEBI has also restrained Biyani from buying, selling or dealing in the securities of Future Retail Limited (FRL), directly or indirectly, in any manner whatsoever, for a period of 2 years.
SEBI found Biyani in violation of the Prohibition of Insider Trading Regulations, 2015, by trading in shares of FRL on the basis of unpublished price sensitive information (UPSI) during March 10-April 20, 2017.
The case pertains to an announcement made by FRL on exchanges on April 20, 2017, which resulted in demerger of certain business of FRL and had a positive impact on the scrip of the company.
SEBI said Future Corporate Resources Private Limited (FCRPL), which was part of the promoter group of FRL, traded in the scrip of the company on the basis of UPSI. At that time, Biyani was the CMD of FRL and the director of FCRPL, and was privy to UPSI.
The regulator also asked Biyani, along with FCRPL and Anil Biyani, a relative of Kishore Biyani and director of FCRPL, to jointly and severally disgorge an amount of Rs 17.78 crore along with interest at the rate of 12 per cent per annum from April 20, 2020, till the date of actual payment.