Shares of Future Retail dropped 2 per cent in opening trade on Tuesday even after getting interim relief with respect to its 24,713 crore deal with Reliance Retail to sell its assets. The Delhi High Court on Monday stayed a single judge's order restraining Future Retail from going ahead with its deal with Reliance Retail, which was objected to by US-based e-commerce giant Amazon.
Snapping previous session gains, Future Retail share price dropped as much as 2.02 per cent to hit low of Rs 58.15 on the BSE. The stock opened higher at Rs 60.70 against previous close price of Rs 59.35. On the volume front, 2.06 lakh shares changed hands over the counter in first two hours of trade compared to two-week average volume of 7.16 lakh scrips. Meanwhile, the BSE Sensex was trading higher by 103 points or 0.16 per cent at 49,875.
In a similar trend, Future Retail shares were trading 1.26 per cent lower at Rs 58.65 on the National Stock Exchange. The stock hit high and low of Rs 60.85 and Rs 58.10 in day's trade so far on the NSE.
On Monday, Future Retail share surged 10 per cent in intraday after the Delhi HC stayed a single bench order favouring emergency award and imposed a Rs 20 lakh cost on Kishore Biyani and other respondents including FRL and Future Consumer Private Ltd. The Future Group stock had gained after 6 days of consecutive fall.
The deal was objected to by Amazon that stated that Kishore Biyani-helmed company violated terms of the contract it had with Amazon by signing the RIL deal.
Staying single-judge bench order, a division bench of Chief Justice D N Patel and Justice Jasmeet Singh also issued a notice to Amazon on Future Group's appeal challenging the single judge's March 18 order. The matter has now been listed for further hearing on April 30.
The Delhi High Court also stayed the order that asked for the attachment of assets of Biyani as well as others and directed them to appear in the court on April 28.
Also Read: Why Future Retail share rose 10% today