Future Retail share falls 5% for second straight session

Future Retail share tumbled another 5% in early trade today amid reports that Vistra ITCL, an independent corporate trustee, has invoked shares amounting to 6.61 per cent stake in Future Retail Ltd. Share of Future Retail hit lower circuit of 5% and fell to Rs 82.35 against previous close of Rs 86.65 on BSE.

The small cap stock has lost 9.7% in last two days. The share has fallen 74.93% in one year and lost 75.92% since the beginning of this year. However, in a week, the share has gained 14.61%.

The retail stock saw only sellers, no buyers in opening trade.

Market cap of the  Future Group firm fell to Rs 4,465 crore.

Around 3.58 crore equity shares of Future Retail pledged with Vistra were invoked on September 10 and November 24 in capacity as a debenture trustee in order to secure the debentures issued by Future Capital Investment Pvt Ltd and Future Corporate Resources Ltd, Vistra ITCL said in a letter to BSE.

A total of 6.52 crore shares of Future Retail aggregating to 12.03 per cent stake were pledged with Vistra, it added.

Stocks in news: Larsen & Toubro, Mahindra & Mahindra, Gillette, United Spirits, Rane Holdings

The invocation of shares comes at a time when Future Retail is locked in a legal battle with e-commerce giant Amazon, which received a favourable interim order from the Singapore International Arbitration Centre (SIAC) last month against the Kishore Biyani-led firm's Rs 24,713 crore deal with Reliance Retail.

Meanwhile, Sensex was trading 27 points higher at 44,286 and Nifty gained 18 points to 13,001 in early trade. Yesterday, Sensex ended 431 points higher at 44,259 and Nifty gained 128 points to 12,987.

Share Market News Live: Sensex, Nifty trade flat; Kotak Bank, M&M, NTPC, Maruti top gainers

Future Retail share falls 5% after five sessions, here's why