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NEW DELHI: Shares of (RIL) fell 3 per cent on Friday after the Supreme Court upheld Amazon’s plea restraining merger between Retail Retail and Future Retail.
Shares of Reliance Industries declined 3 per cent from the day’s high to Rs 2,085.15 on Friday. The counter was trading at Rs 2,146 before the outcome of the case.
The top court said the order by a Singapore arbitrator in October, that put the deal on hold after finding merit in Amazon’s objections, was valid.
All the shares of Future Group firms hit their lower circuits on Friday. Future Consumer plunged 16 per cent to Rs 6.66.
Shares of Future Retail, Future Supply Chain Solutions and Future Enterprises tanked 10 per cent each to Rs 52.55, Rs 74.30 and Rs 9.2, respectively. Future Market Networks gave up 5 per cent.
Amazon and Future Retail have been embroiled in a bitter legal fight over the deal. The top court said that the order by a Singapore arbitrator in October – that put the deal on hold after finding merit in Amazon’s objections – was valid.

On By marabye

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