The Supreme Court has decided to merge Future Retail Limited (FRL) with Reliance Retail. The court ruled in favor of American e-commerce company Amazon. The impact of the court decision is also seen on the stock market. Because of this, investors have suffered huge losses.
Reliance shares fall During the trading, Reliance Industries lost more than 2 percent and the share price fell below Rs 2100. At the same time, investors from all Future Group companies suffered losses. Speaking of the company’s retail share, it lost 10 percent. The company’s stock price was $ 52.55. Similarly, the future lifestyle share will be Rs 60.70. Shares of Future Enterprises, Future Supply Chain Solutions, Future Consumer and Future Market Networks are also facing heavy losses.
Reliance-Future Group deal backs SC, Amazon gets big win
Let us tell you that Amazon has objected to merged Future Retail Limited with Reliance Retail for Rs 24,731 crore. Amazon has filed this petition in the Supreme Court. At Amazon’s request, the court said the decision to withhold the Singapore Emergency Judge Agreement is valid and enforceable under Indian law.
