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Future Group shares tumble up to 10 pc

·1-min read

New Delhi, Mar 19 (PTI) Shares of Future Group companies tanked up to 10 per cent on Friday after the Delhi High Court upheld the Singapore Emergency Arbitrator's (EA) order restraining Future Retail from going ahead with the Rs 24,713 crore deal with Reliance Retail.

Future Retail tanked 9.99 per cent, Future Lifestyle Fashions 9.99 per cent, Future Consumer plunged 9.96 per cent, Future Enterprises 9.21 per centa and Future Supply Chain Solutions 5 per cent on the BSE.

All these companies hit their respective lowest trading permissible limit during the day.

The Delhi High Court on Thursday upheld the Singapore Emergency Arbitrator's (EA) order restraining Future Retail Ltd (FRL) from going ahead with the Rs 24,713 crore deal with Reliance Retail to sell its business, which was objected to by US-based e-commerce giant Amazon.

The high court's 134-page judgement came on Amazon's plea seeking direction to order enforcement of the award by Singapore's EA on October 25, 2020, restraining FRL from going ahead with its Rs 24,713 crore deal with Reliance Retail.

Future Group and Amazon have been locked in a battle after the US-based company took FRL into the emergency arbitration over alleged breach of a contract between them. PTI SUM SHW SHW

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