India's Future Group shares fall after court blocks Reliance deal

Future Consumer

03/02/2021 06:56

** Shares of Future Group cos  FRTL.NS ,  FTRE.NS ,
 FURE.NS  fall 5% each
    ** An Indian court on Tuesday blocked the sale of a swathe
of Future Group assets to Reliance Industries over Amazon.com
Inc's  AMZN.O  objections  urn:newsml:reuters.com:*:nL1N2K81K8
    ** Shares of Reliance Industries Ltd  RELI.NS  fell as much
as 1.2% in early trade - they were last up 0.76%
    ** Amazon had asked High Court in New Delhi to enforce
decision of a Singapore arbitrator 
    ** In October, the arbitrator issued interim order saying
Future's deal with Reliance should be put on hold  urn:newsml:reuters.com:*:nL1N2HG0R2
    ** Future Group said on Wednesday it filed an appeal against
the New Delhi High Court order  urn:newsml:reuters.com:*:nL4N2K91BQ
    ** Billionaire Mukesh Ambani's Reliance decided in August to
buy retail, wholesale and some other businesses of Future Group
for $3.4 bln  urn:newsml:reuters.com:*:nL4N2FV067
    ** Reliance did not respond to a Reuters request for comment

 (Reporting by Nallur Sethuraman in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (+91 8061822737); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))