India's Future Group shares fall as market regulator bans CEO from trading

Future Lifestyle Fashions

04/02/2021 07:53

** Shares of Future Group firms Future Retail Ltd  FRTL.NS 
Future Consumer Ltd  FTRE.NS , Future Enterprises Ltd  FURE.NS 
Future Lifestyle Fashions Ltd  FLFL.NS  extend losses to fall
between 3.1% and 4.9% 
    ** India's capital markets regulator SEBI on Wednesday
barred Future Group CEO Kishore Biyani from accessing the
securities market for a year for insider trading  urn:newsml:reuters.com:*:nL1N2K91D6
    ** SEBI also barred Biyani from trading in Future Retail
shares for two years
    ** Future Retail shares fall ~4.9% to 73.70 rupees, lowest
since Jan 18
    ** SEBI action comes as Biyani already fights a legal
challenge from Amazon  AMZN.O  over the sale of Future's retail
assets to Reliance Industries  RELI.NS  
    ** On Wednesday, Future Group stocks fell 5% each after an
Indian court on Tuesday blocked Future's deal with Reliance
 urn:newsml:reuters.com:*:nL4N2K91VT
    ** 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
    ** Since the deal was announced in late Aug, Future Retail
and Future Enterprises stock have fallen around 50% each
    ** Future has said it could face liquidation if the deal
with Reliance falls through  urn:newsml:reuters.com:*:nL4N2HH22F

($1 = 74.3050 Indian rupees)

 (Reporting by Chandini Monnappa in Bengaluru)
 ((Chandini.M@thomsonreuters.com; 910867497919;))