In its petition, Amazon sought enforcement of the Singapore arbitrator’s ruling in October against its partner Future’s Rs 24,713 crore deal with Reliance.
The latest development has also affected the share price of Future Retail. (Photo: Getty)
Shares price of Reliance Industries plunged nearly 2 per cent on Wednesday amid concerns over the Future Group deal.
The latest plunge in share prices comes after the e-commerce giant Amazon filed a petition in the Delhi High Court seeking detention of Future Group founders, including CEO Kishore Biyani, and seizure of their assets as it sought to block Future Group from selling retail assets to Reliance Industries.
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After opening day’s trade on a weak note the heavyweight plunged to Rs 1,909.75, down by 1.54 per cent on the BSE.
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At the NSE, it declined by 1.58 per cent to Rs 1,910.40.
The latest development has also affected the share price of Future Retail. The company’s scrip tanked 4.37 per cent to Rs 77.65 on the BSE.
In its petition, Amazon sought enforcement of the Singapore arbitrator’s ruling in October against its partner Future’s Rs 24,713 crore deal with Reliance.
Amazon, which wants the deal to sell retail assets to Reliance to be stopped, also asked the court for a direction for “detention of the directors (of Future Group entities) in civil prison”.
Future Retail, in a regulatory filing on Monday, said it would defend the matter through its legal counsels.
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