Future Retail share slipped nearly 5% in early trade today after the firm reported a consolidated net loss of Rs 561.95 crore in Q1 against net profit of Rs 159.24 crore in the April-June quarter a year ago. The retail stock fell up to 4.9% to Rs 96.1 against previous close of Rs 101.05 on BSE.
The share has lost 6.49% in the last 2 days. The stock opened at a loss of 2.67% at Rs 98.35 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 75.94% in one year and fallen 71.43% since the beginning of this year.
Total 1.63 lakh shares changed hands amounting to turnover of Rs 1.60 crore. Market cap of the firm fell to Rs 5,302 crore.
Revenue from operations fell 73.86 per cent to Rs 1,358.11 crore in Q1 from Rs 5,197.11 crore in corresponding period last year.
Future Retail, which operates retail stores as Big Bazaar, fbb, Foodhall, Easyday and Nilgiris, logged a fall in total expenses to Rs 2,031.54 crore as against Rs 5,046.79 crore, a drop of 59.74 per cent.
On August 31, 2020, the share hit upper circuit of 20% after Reliance Industries Ltd (RIL) announced the acquisition of the retail, wholesale, logistics and warehousing businesses of the Future Group for Rs 24,713 crore through its subsidiary, Reliance Retail Ventures. After August 31, the stock has been falling on profitbooking.
Meanwhile, Sensex rose 160 points to 38,917 and Nifty gained 42 points to 11,482 in early trade. Yesterday, Sensex fell 97 points to 39,756 and Nifty ended 43 points lower at 11,421.