RIL shares decline over 2% amid concerns over Future Group deal | Tech News

RIL shares decline over 2% amid concerns over Future Group deal

In the petition, Amazon sought enforcement of the Singapore arbitrator's ruling in October against its partner Future's 24,713 crore deal with Reliance.

By:PTI
| Updated on: Aug 21 2022, 14:31 IST
Amazon, which wants the deal to sell retail assets to Reliance to be stopped, also asked the court for a direction for
Amazon, which wants the deal to sell retail assets to Reliance to be stopped, also asked the court for a direction for "detention of the directors (of Future Group entities) in civil prison". (REUTERS)

Shares of Reliance Industries on Wednesday declined over 2 per cent amid concerns over the Future Group deal.

The heavyweight stock opened the day on a weak note and further dipped 2.66 per cent to 1,888 on the BSE during the day. The stock finally closed at 1,895.25, lower by 2.29 per cent.

You may be interested in

MobilesTablets Laptops
Apple iPhone 15 Pro Max
  • Black Titanium
  • 8 GB RAM
  • 256 GB Storage
Google Pixel 8 Pro
  • Obsidian
  • 12 GB RAM
  • 128 GB Storage
Samsung Galaxy S23 Ultra 5G
  • Green
  • 12 GB RAM
  • 256 GB Storage
Apple iPhone 15 Plus
  • Black
  • 6 GB RAM
  • 128 GB Storage

On the NSE, it declined 2.63 per cent to close at 1,890.

Also read
Looking for a smartphone? To check mobile finder click here.

In traded volume, 17.40 lakh shares were traded on the BSE and 1.95 crore units on the NSE during the day.

Shares of Future Retail also tanked 4.98 per cent to 77.25 on the BSE.

Reliance Industries shares have been falling for the third consecutive day on Wednesday, declining 9.65 per cent on the BSE during this time.

In three days, Reliance Industries market valuation has tumbled 97,880.97 crore to 12,01,482.50 crore on the BSE.

US online retailer Amazon has filed a petition in the Delhi High Court seeking detention of Future Group founders, including CEO Kishore Biyani, and seizure of their assets as it sought to block Future Group from selling retail assets to Reliance Industries.

In the petition, Amazon sought enforcement of the Singapore arbitrator's ruling in October against its partner Future's 24,713 crore deal with Reliance.

Amazon, which wants the deal to sell retail assets to Reliance to be stopped, also asked the court for a direction for "detention of the directors (of Future Group entities) in civil prison".

Future Retail, in a regulatory filing on Monday said it would defend the matter through its legal counsels. 

Catch all the Latest Tech News, Mobile News, Laptop News, Gaming news, Wearables News , How To News, also keep up with us on Whatsapp channel,Twitter, Facebook, Google News, and Instagram. For our latest videos, subscribe to our YouTube channel.

First Published Date: 27 Jan, 18:05 IST
Tags:
NEXT ARTICLE BEGINS