Future Retail's stock surges 20% on CCI order for Amazon
Shares of Future Retail surged 20 per cent on Monday following reports that the company was likely to approach various courts and tribunals bringing to their notice the latest order by the Competition Commission of India (CCI).
Future Retail’s scrip jumped to a high of Rs 57.50 as against the previous close of Rs 47.95 on the National Stock Exchange. On Friday, the CCI had placed in "abeyance" Amazon's investment in Future Coupons.
This investment forms the basis of the Amazon-Future relationship, and lies at the centre of Amazon's dispute with the Future Group over the sale of its retail business to Reliance Retail.
In its order, CCI directed Amazon to refile within 60 days a new and detailed version of the plea for its Future Coupon investment.