The entire pack of Future group stocks are in the red, figuring among the top losers on the bourses, all locked in their LCs of the day. Future Retail is the top loser, hitting a new low at Rs.55.85, Future Lifestyle too hit a new low at Rs.64.85 and Future Consumer remains frozen at the 10% LC of the day at Rs.6.42.
The stocks tumbled down after the Delhi High Court upheld the Emergency Award passed against the $3.4-billion Future-Reliance deal. In simple language this means the deal with Reliance is on hold.
The court said that Future Retail, Future Coupons (the promoter entity of Future Retail), founder and owner Kishore Biyani and others violated the Emergency Award. Issuing a show-cause notice to Biyani and others, questioning why they shouldn’t be detained in civil prison.
The high court directed the Future Group and its directors to deposit Rs.20 lakh cost in Prime Minister's Relief Fund for providing COVID-19 vaccines to financially disadvantaged senior citizens.
Directing the attachment of Biyani's assets, the court ordered the filing of an affidavit describing his assets.