Future Retail rallies 20% in a week despite bleeding market

Future Retail rallies 20% in a week despite bleeding market

by 5paisa Research Team Last Updated: Dec 15, 2022 - 01:39 am 25.2k Views

NCLAT slaps Rs 200 crore penalty on Amazon on Future Retail deal.

Future Retail continues the rally for the 5th consecutive session as NCLAT (National Company Law Appellate Tribunal) upheld the Rs 200 crore fine imposed on Amazon by CCI (Competition Commission of India). The fine was imposed by the anti-trust watchdog (CCI) on finding that Amazon has not made full disclosure of all relevant information about its strategic interest in Future Retail Ltd.

NCLAT has directed the e-commerce giant to pay the penalty amount of Rs 200 crore within 15 days from June 13. Amazon had opposed Future Retail's deal to sell assets to Reliance Retail at Rs 24,7oo crore which was later called off.

CCI in December last year suspended the approval given by Amazon to acquire a 49% stake in Future Coupons Pvt Ltd (FCPL), which is the promoter company of Future Retail. The order by CCI was challenged by Amazon in NCLAT which has upheld the CCI order.

Tied in the power play between global giant Amazon and domestic leader Reliance Industries, loss-making insolvency bound Future group companies were at receiving end of investor's panic as continued sell-off in the counters have touched rock bottom prices. The stock logged its fresh 52-week low on June 7 at Rs 6.33.

Future Retail is since witnessed gravity-defying momentum in a down market, hitting multiple upper circuits in five consecutive sessions. It has witnessed renewed action after hitting the lows and has surged 33.49% from June 7’s low.

Future Retail Ltd was among the top gainer among BSE “A” Group while it was locked in the upper circuit of 5 per cent in today’s session at Rs 8.47.

Future Retail is currently facing insolvency proceedings in the Mumbai bench of NCLT filed by its lender after it committed defaults.

Share Market Today


How do you rate this article?

or

Start Investing in 5 mins*

Rs. 20 Flat Per Order | 0% Brokerage

About the Author

Our research team is composed of some highly qualified research professionals, their expertise range across sectors.

Disclaimer

Investment/Trading in securities Market is subject to market risk, past performance is not a guarantee of future performance. The risk of loss in trading and investment in Securities markets including Equites and Derivatives can be substantial. Also, The
Open Free Demat Account
Resend OTP
Please Enter OTP
Account belongs to

By proceeding, you agree to the T&C.

Latest News
Plada Infotech Services IPO GMP (Grey Market Premium)

Plada Infotech Services Ltd is a fixed Price IPO, priced at ₹48 per share and is entirely a fresh issue offering. The ₹12.36 crore IPO of Plada Infotech Services Ltd comprises entirely of a fresh issue with no offer for sale (OFS) component.

  • Sep 27, 2023
Sharp Chucks And Machines IPO GMP (Grey Market Premium)

The IPO of Sharp Chucks And Machines Ltd comprises of a fresh issue and an offer for sale, being a fixed priced IPO priced at ₹58 per share.

  • Sep 27, 2023
Oneclick Logistics India IPO GMP (Grey Market Premium)

The ₹9.91 crore IPO of Oneclick Logistics India Ltd  comprises entirely of a fresh issue with no offer for sale (OFS) component in the IPO from promoters and early shareholders. It is a fixed price issue and the fixed price of the IPO has been set at ₹99 per share.

  • Sep 26, 2023