Share price of Future Retail slipped 5% in early trade ahead of the firm's Q1 earnings set to be announced today. The retail stock has lost 30.71% in the last 4 days. The stock opened at a loss of 4.99% today at Rs 112.45 today.
The share trades higher than 100 day moving averages but lower than 5 day, 20 day, 50 day and 200 day moving averages. The stock has lost 72.53% in one year and fallen 67.12% since the beginning of this year. Total 1.64 lakh shares changed hands amounting to turnover of Rs 1.87 crore. Market cap of the firm fell to Rs 6,097 crore.
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.
Amid heavy selling pressure in banking and financials, Sensex fell 560 points to 38,400 and Nifty was falling 150 points to 11,373.
Earlier, Sensex and Nifty opened deep in the red on Friday, extending yesterday's losses, following major drop in global markets.