Future Retail hit the 10% LC at Rs.52.55; Future Consumer is down 9.5% at Rs.7.15; Future Lifestyle has hit the 10% LC at Rs.60.70; Future Enterprises too hit the 10% LC at Rs.9.20; Future Supply Chain also at its 10% LC at Rs.74.30 and Future Market Networks at 5% LC at Rs.11.88.
Almost all the Future stocks hit the LC after the Supreme Court ruling came in today, which ruled in favor of Amazon.
The SC found that the Emergency Arbitrator's interim award to be valid and capable of being enforced under India law.
The Emergency Arbitrator had directed Future Retail Ltd. to put on hold its transaction with Reliance Retail Ltd. The Arbitrator said that this agreement of Future with Reliance violated Amazon’s contractual rights borne out of an agreement to invest Rs 1,431 crore in Future Coupons Pvt.
Now the ball is back in the court of Singapore International Arbitration Centre Rules where the Emergency Arbitrator was constituted.
This ruling of today means that the merger between Reliance and Future Retail is now under a cloud.