Latest News | Reliance Industries Shares Erase Early Gains; Future Group Stocks Rally
Get latest articles and stories on Latest News at LatestLY. Shares of Reliance Industries on Monday pared all early gains and closed nearly 2 per cent lower.
New Delhi, Aug 31 (PTI) Shares of Reliance Industries on Monday pared all early gains and closed nearly 2 per cent lower.
In morning trade, the heavyweight stock had gained nearly 3 per cent after it announced the acquisition of Future Group's retail, wholesale, logistics and warehousing businesses for Rs 24,713 crore.
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The stock, which jumped 2.66 per cent to Rs 2,172 on BSE during the day, later reversed the trend and closed 1.75 per cent lower at Rs 2,078.55.
On NSE, shares of the company settled at Rs 2,068.85 apiece, 2.23 per cent lower after gaining 2.73 per cent to Rs 2,174 during the day.
Shares of Future Retail zoomed 20 per cent to its upper circuit limit of Rs 162.30 on BSE, Future Enterprises gained 4.95 per cent to Rs 21.20 -- its upper circuit limit and Future Consumer 4.97 per cent to Rs 12.05 -- its highest trading permissible limit for the day.
Future Lifestyle Fashions also rose by 5 per cent to Rs 152.35 -- its upper circuit limit.
"Reliance Retail Ventures Ltd (RRVL), subsidiary of Reliance Industries, will acquire the retail and wholesale business and the logistics and warehousing business from the Future Group as going concerns on a slump sale basis for lumpsum aggregate consideration of Rs 24,713 crore," the company said in a statement on Saturday.
Through the deal, Reliance will acquire Future Retail that owns the BigBazaar that sells everything from groceries to cosmetics and apparel, and Future Lifestyle Fashions Ltd that operates fashion discount chain Brand Factory.
While Reliance will take over Future Consumer Ltd, which sells food, home and personal care products, Future Group's financial and insurance business is not part of the deal.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)