Retail stocks dropped sharply today as reports that most of the states would not implement FDI in multi-brand retail, affected sentiments.
Shares of Pantaloon Retail dropped more than 5%, while Provogue too dropped by more than 5%. Shopper's Stop and Trent Ltd, both declined by more than 2% each.
Analysts are worried that it is not going to be easy for the foreign multinational companies with ambition in multi-brand retail in India to set up shop. With most of the state government's opposing the same, the presence of multinational companies is likely to remain subdued.
Shares of retail companies are likely to continue to trade soft and may see profit booking as the euphoria over FDI in multi-brand retail gradually diminishes.
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