Post-CCI nod, Reliance Industries, Future Group stocks see strong demand
Live MintShares of Reliance Industries jumped up to 4 per cent on Monday after the Competition Commission approved the company's proposed acquisition of retail, wholesale, logistics and warehousing businesses of Future Group. Besides, Future Retail zoomed 9.95 per cent to ₹79 -- its upper circuit limit, Future Lifestyle Fashions gained 9.99 per cent to ₹90.30 and Future Enterprises Ltd shares rose by 4.92 per cent to its highest trading permissible limit for the day at ₹10.45 on the BSE. In a tweet on Friday, the regulator said it has approved "acquisition of retail, wholesale, logistics and warehousing businesses of Future Group by Reliance Retail Ventures Limited and Reliance Retail and Fashion Lifestyle Limited", thwarting Amazon.com's efforts to block the deal. Amazon says its 2019 deal with a Future Group subsidiary included clauses saying it could not sell its retail assets to certain parties, including Reliance.