scorecardresearch
Why Future Group shares fell up to 7% in early trade

Why Future Group shares fell up to 7% in early trade

While shares of Future Consumer fell up to 4.24% to Rs 7.45, Future Lifestyle stock lost 5.53% to Rs 49.5 on BSE.

Share of Future Enterprises fell 7.10% to Rs 9.67 against the previous close of Rs 10.41 on BSE. Share of Future Enterprises fell 7.10% to Rs 9.67 against the previous close of Rs 10.41 on BSE.

Shares of Future Group fell up to 7% today after the Delhi High Court dismissed a petition of the Kishore Biyani led conglomerate to declare Singapore arbitration tribunal proceedings with its warring partner Amazon as illegal.

While share of Future Consumer fell up to 4.24% to Rs 7.45, Future Lifestyle stock lost 5.53% to Rs 49.5 on BSE. Future Consumer stock has fallen after three days of consecutive gain. The stock trades higher than 5 day, 20 day, 50 day and 100 day moving averages but lower than 200 day moving averages.

Future Lifestyle stock opened with a loss of 5.53% today. Future Lifestyle stock is trading lower than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

Share of another Future Group firm Future Retail fell 6.29% to Rs 48.4 on BSE. The stock trades higher than 100 day moving averages but lower than 5 day, 20 day, 50 day and 200 day moving averages.

Share of Future Enterprises fell 7.10% to Rs 9.67 against the previous close of Rs 10.41 on BSE. The stock has fallen after three days of consecutive gain. It is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages

Share of another Future Group firm Future Supply Solutions was down 4.79% in trade today. The stock has fallen after 3 days of consecutive gain. The share opened with a loss of 2.74% at Rs 71 against the previous close of Rs 73 on BSE. The stock touched an intraday low of Rs 69.5 , down 4.79% on BSE. It trades higher than 5 day moving averages but lower than 20 day, 50 day, 100 day and 200 day moving averages.

The ruling came after Future Coupons and Future Retail on Monday moved the HC seeking a direction to the arbitration tribunal, which is adjudicating Amazon's objections against their deal with Reliance, to decide their application seeking termination of arbitral proceedings before moving any further.

Justice Amit Bansal at the Delhi High Court said that the filings were dismissed.

Amazon and Future have been locked in a bitter legal tussle after the US e-commerce giant dragged Future Group to arbitration at the Singapore International Arbitration Centre (SIAC) in October 2020, arguing that FRL had violated their contract by entering into the deal for the sale of its assets to billionaire Mukesh Ambani's Reliance Retail on a slump sale basis for Rs 24,500 crore.

Amazon is objecting to the sell-off plans, accusing Future Group of breaching its 2019 investment pact. Future Coupons was founded in 2008 and is engaged in the business of marketing and distribution of gift cards, loyalty cards, and other reward programmes to corporate customers.