Future Group stocks surge 20% after India suspends 2019 Amazon deal (updated)

Future Lifestyle Fashions

20/12/2021 04:31

(Adds details on antitrust order, background, share price)
    BENGALURU, Dec 20 (Reuters) - Shares of India's Future Group
companies surged about 20% on Monday after the country's
antitrust agency suspended Amazon.com Inc's  AMZN.O  2019 deal
with the group, potentially making it easier for Reliance Retail
to buy Future's retail business.
    The regulator ruled the U.S. e-commerce giant suppressed
information while seeking regulatory approval on an investment
in Indian retailer Future Group two years ago.  urn:newsml:reuters.com:*:nL4N2T22QJ
    The suspension potentially dents Amazon's attempts to block
the sale of Future's retail assets to Reliance Industries Ltd's
 RELI.NS  unit.
    Amazon has for months successfully used the terms of its
$200 million investment in Future Group to block the Indian
retailer's attempts to sell retail assets to Reliance for $3.4
billion.  urn:newsml:reuters.com:*:nL4N2T22QJ
    Future Retail  FRTL.NS , Future Consumer  FTRE.NS , Future
Enterprises  FURE.NS  and Future Lifestyle Fashions  FLFL.NS 
climbed nearly 20%, with shares of Future Retail touching a
two-month high.
    Reliance Industries shares slid 2.2% amid a broader market
sell-off.  .BO 

 (Reporting by Chris Thomas in Bengaluru; Editing by Shounak
Dasgupta)
 ((chris.thomas@thomsonreuters.com; +91-80-6749-8695))