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Reliance Industries Fell 2.5% After SC Stay On Future Deal On Amazon's Plea
Shares of RIL were among the major laggards in today's session (February 22, 2021). This is after Supreme Court has put a stay on the regulatory approval for the Future Group's $3.4 billion asset sale to Reliance Industries Ltd. This is on Amazon's plea and marks victory for the US based e-tailer. At day's low the scrip of Reliance Industries hit a price of Rs. 2027.60, a 2.5% decline from the previous closing.
Amazon aims at dominating the country's e-commerce space, the SC overturned the ruling by the lower court and also stopped India's company tribunal from approving the transaction till further orders.
Now the court has asked for written statement from the Future Retail. Justice Rohinton F. Nariman who's heading the two-judge panel said the court will hear the case again after five week.
Also, on the move Future Group shares saw a setback as the stay is an endanger for Future Group which is struggling to clear of its debt.
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