Investors lost faith for the time being in Kishore Biyani’sFuture Retail as the company’s stock was down about 10% in the morning sessionof the trading day.
The same has been attributed to the company losing legal battleagainst Amazon for controlling stake in Future Group. It is pertinent to notethat Future Group represents a sizable chunk of organised offline retail space.
Kishore Biyani, the founder of Future Group, which owns brandslike Big Bazaar and Easy Day, was forced by the pandemic COVID-19 inducedlosses 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 andReliance deal recalled.