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Future Group shares hit record lows; Future Retail tanks 16% in two days

March 21, 2022 02:49 PM

Future Group shares hit record lows; Future Retail tanks 16% in two days
In comparison, the S&P BSE Sensex was down 0.19 per cent at 57,756 points at 11:25 AM.

Shares of Kishore Biyani- led Future Group companies continued to be under pressure on Monday. Most of the Future Group listed companies traded at their all-time lows after they informed exchanges that the Group has called for a meeting with their respective shareholders and creditors meetings on April 20 and 21 over approval of Rs 24,713-crore deal with Reliance Retail.

Future Retail, Future Supply Chain and Future Lifestyle Fashions hit their respective all-time lows on the BSE in Monday’s intra-day trade. In comparison, the S&P BSE Sensex was down 0.19 per cent at 57,756 points at 11:25 AM.

Among individual stocks, Future Retail tanked 9 per cent to hit a new low of Rs 35.35. The stock fell below its previous low of Rs 38 (hit on March 17, 2022) and has tanked 16 per cent in the past two trading days.

The stock has more-than-halved or has shed 54 per cent from its 52-week high price of Rs 76.25 touched on June 16, 2021.

Also Read : Shares of Future Group stocks rally 20% after CCI suspends Amazon deal

In the past one week, the market price of Future Retail, Future Lifestyle Fashions and Future Enterprises have tumbled between 15 per cent and 21 per cent, as compared to a 2.3-per cent rise in the S&P BSE Sensex.

Future Retail said that it was committed to taking all actions necessary to seek value adjustments and reversal of takeover of stores by the Reliance Group.

On Saturday, March 19, 2022, Future Enterprises, Future Retail, Future Consumer and Future Supply Chain, informed exchanges about dates and other procedures for the virtual meetings of shareholders and creditors.

According to the order passed by the Mumbai bench of the National Company Law Tribunal (NCLT) on February 28, the meeting of the shareholders would be held on April 20. The meeting to seek the approval of creditors would be held on the next day, April 21, 2022.

The NCLT had given a go-ahead for convening meetings of shareholders and creditors of respective Future group companies for approval of the scheme of merger and transfer of the business to Reliance Retail.

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