Future Retail share slips over 4% after net loss widens in Q1

Future Retail share fell over 4% today after the firm reported widening of its consolidated net loss in the June quarter.

Future Retail stock has lost 4.3% in the last 2 days. Future Retail stock opened with a loss of 4.17% at Rs 47.10 against previous close of Rs 49.15 on BSE.

Future Retail stock touched an intraday low of Rs 47.1 falling 4.17% on BSE.

The share is trading lower than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

Market cap of the Kishore Biyani-led firm fell to Rs 2,600 crore

Total income declined to Rs 1,407.11 crore in Q1 from Rs 1,447.62 crore in the year-ago period.

Total expenses of Future Retail, which operates retail stores like Big Bazaar, fbb, Foodhall, Easyday and Nilgiris, rose to Rs 2,554.39 crore compared to Rs 2,000.53 crore.

"The outbreak of COVID-19 pandemic has created economic disruption throughout the world including India. Consequently, the revenue and profitability for the quarter ended June 2021 have been adversely impacted," it said.

The Kishore Biyani-led Future Group firm said it has entered into debt restructuring of the existing financial debt of the company under an RBI announced resolution framework for COVID-19 related stress.

"The One Time Restructuring (OTR) has been implemented by execution of the documents by the company and eligible lenders on April 26, 2021," it said.