New Delhi: Shares of Future Group closed with losses of up to 4 per cent on Wednesday, a day after hitting upper circuit limits.
The scrips tumbled after hitting upper circuit limits on Tuesday.
On Monday, the Delhi High Court had stayed a previous order maintaining status quo on the group's Rs 24,713 crore deal with Reliance.
On BSE, Future Retail Ltd (FRL) shares declined by 4.04 per cent to Rs 77.25 and Future Enterprises Ltd slipped 0.42 per cent to Rs 11.73.
Also, Future Market Networks Ltd decreased 1.31 per cent to Rs 18.9 while Future Lifestyle Fashions Ltd tumbled 4.38 per cent to Rs 87.35.
Future Consumer Ltd shares fell 4.39 per cent to Rs 8.27 apiece.
On the other hand, Future Supply Chain Solutions Ltd rose 1.72 per cent to Rs 100.75.
A bench of Chief Justice D N Patel and Justice Jyoti Singh on Monday passed the interim direction on FRL's appeal challenging the February 2 order of the single judge bench.
Amazon had first filed a plea before the single judge for enforcement of the October 25, 2020 Emergency Arbitrator (EA) award by the Singapore International Arbitration Centre (SIAC) restraining FRL from going ahead with its Rs 24,713 crore deal with Reliance Retail.
In an interim order, the division bench said it was staying the single judge order as firstly, Future Retail was not a party to the share subscription agreement (SSA) between Amazon and Future Coupons Pvt Ltd (FCPL) and the US e-commerce giant was not a party to the deal between FRL and Reliance Retail.
The bench further said it was of the prima facie view that the share holding agreement (SHA) between FRL and FCPL, the SSA between FCPL and Amazon and the deal between FRL and Reliance Retail "are different" and "therefore, the group of companies doctrine cannot be invoked".
Another reason given by the Court for its interim order was that there was prima facie no reason to seek a status quo order before the single judge.
(PTI)
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