Future Retail Plunges 16% In Two Days; Group Shares Hit All-Time Low

Among individual stocks, Future Retail plunged 9 per cent to hit a new low of Rs 35.35. The stock fell below its previous low of Rs 38 and has slumped 16 per cent in the past two trading days

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. Image: Getty

New Delhi: Future Group companies’ shares continued to remain under pressure on Monday as most of the group’s listed firms traded at their all-time low.

Future Retail, Future Supply Chain, and Future Lifestyle Fashions hit their respective all-time low on the BSE in intra-day trade on Monday.

As the company informed exchanges that the group has called for a meeting with their respective shareholders and creditors on April 20 and 21 over approval of Rs 24,713-crore deal with Reliance Retail, the shares of Future Group tanked.

Among individual stocks, Future Retail plunged 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 slumped 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.

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, 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). 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.