The stock rallied 10.20% in the past two sessions to Rs 142.10 on Thursday (2 July), from its recent closing low of Rs 128.95 on 30 June 2020. The stock rallied amid media reports that Reliance Industries may acquire retail businesses of Future Group.
With respect to news article on 30 June 2020, titled "Reliance Industries nears deal to acquire retail businesses of Future Group," Future Retail clarified to the bourses during trading hours on Thursday (2 July) that at present, there is no such decision taken by the board of directors or any of its committees.
The company said its management continues to explore and evaluate various opportunities or associations in the interest the company, as and when considered appropriate, which is always a subject matter of further feasibility studies and the need for requisite consents in accordance to the applicable laws and other stakeholders.
Following the clarification, the stock jumped 5% to end at Rs 142.10 on Thursday.
Separately, Reliance Industries (RIL) after market hours on Thursday (2 July) clarified that it evaluates various opportunities on an ongoing basis. RIL added that it is unable to comment on media speculation and rumors and it would be inappropriate on its part to do so.
Future Retail is engaged in the business of retailing a range of household and consumer products through departmental store facilities under various formats. The company is primarily engaged in the business of multi-brand retail trade.