Investors lost faith for the time being in Kishore Biyani’s Future Retail as the company’s stock was down about 10% in the morning session of the trading day.
The same has been attributed to the company losing legal battle against Amazon for controlling stake in Future Group. It is pertinent to note that Future Group represents a sizable chunk of organised offline retail space.
Kishore Biyani, the founder of Future Group, which owns brands like Big Bazaar and Easy Day, was forced by the pandemic COVID-19 induced losses to make the decision to sell his company.
The Delhi High Court, in accordance to the decision it has taken, has asked Future Group to get all approvals granted to Future Retail and Reliance deal recalled.
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