Future Retail rallies 20% in a week despite bleeding market
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.
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