Future Retail share surged nearly 10% today after the Delhi HC stayed a single bench order favouring Emergency Award and imposing a Rs 20 lakh cost on Kishore Biyani and other respondents including FRL and Future Consumer Private Ltd. Share of Future Retail zoomed 9.94% to Rs 61.4 against previous close of Rs 55.90 on BSE. The Future Group stock has gained after 6 days of consecutive fall.
Earlier, the share opened with a loss of 4.74% at Rs 53.60 today and touched an all-time low of Rs 50.75 (9.13%). However, the Delhi HC's order helped the share recover all losses and trade in the green. Future Retail share trades lower than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
In one year, the share has lost 46.31% and fallen 23.25% since the beginning of this year.
Future Consumer share too rose 9.81% to Rs 7.05 againt previous close of Rs 6.42 on BSE. Earlier, the stock opened lower at Rs 6.20.
The stock has gained after 6 days of consecutive fall. Future Consumer share is trading lower than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
"Hearing in Emergency Award against Future-Reliance deal: Delhi HC division bench stays single bench order favouring Emergency Award & imposing a Rs 20 lakhs on Kishore Biyani & other respondents including FRL and FCPL. Court says that stay will remain in effect till next hearing," News agency ANI said in a tweet.
On Friday, Future Retail share closed 10% lower at Rs 55.90 after Delhi High Court upheld the order by Singapore International Arbitration Centre prohibiting Future Group firm from going ahead with its deal with Reliance Retail. Singapore's Emergency Arbitrator (EA) had restrained the Rs 24,713-crore Future-Reliance deal against a plea by global retail major Amazon. Market cap of the Kishore Biyani-led firm fell to Rs 3,028.66 crore.
The bench of Justice JR Midha held that Kishore Biyani-led Future Group wilfully violated Singapore Arbitrator's order and directed it not to take further any action on the deal. The court ordered attachment of properties of Biyani and others related to the Future Group.
It also imposed Rs 20 lakh cost on Future Group and its directors and ordered that the amount should be deposited in Prime Minister's Relief Fund for providing COVID-19 vaccines to senior citizens of Below Poverty Line (BPL) category.