In the last trading session of the week, the stock of Reliance Industries closed at Rs 2090 with a fall of 2.07 percent when the stock market closed.
Double blow to Reliance from Supreme Court’s decision
Friday was not a good day for Reliance Industries and its investors. In fact, the Supreme Court did not rule in favor of Reliance on the Amazon-Future deal. Due to which there was a strong fall in the shares of Reliance Industries today. Reliance’s shares fell by more than 2 percent after the Supreme Court’s decision. Due to which crores of rupees of investors were lost.
After the decision of the Supreme Court, the trend of decline in Reliance’s stock started, which continued till the market closed. At the close of the market, the stock of Reliance Industries closed at Rs 2090, down 2.07 percent.
What was the Supreme Court’s decision
In fact, on Friday morning itself, the Supreme Court ruled in favor of Amazon on the deal of Rs 24,713 crore between Mukesh Ambani’s Reliance Retail and Kishore Biyani’s Future Group. The Supreme Court said that the decision of the Emergency Arbitrator is enforceable in this case. The Emergency Arbitrator had issued a stay order on Future Retail’s deal.
Decision on 3.4 billion deal
The Supreme Court said in its order that Future Retail’s $ 3.4 billion deal with Reliance Retail is eligible to implement the arbitrator’s decision. The arbitrator had issued a stay order on this deal, under which Future Retail sold its entire business to Reliance Retail. Amazon had opposed this deal between Reliance and Future Group in different courts. For information, let us tell you that the Singapore International Arbitrator Center (SIAC) is called the Emergency Arbitrator.
Along with Reliance, the market also closed with a fall on the last trading session of the week i.e. on Friday. On Friday, the BSE Sensex closed at 54278, down 215 points. At the same time, NSE’s Nifty also closed at 16238 with a fall of 56 points. In the last trading session of the week, 14 of the 30 stocks of the Sensex closed in the green mark and 16 shares closed in the red mark. Shares of IndusInd Bank, Bharti Airtel, Tech Mahindra and Maruti were today’s top gainers. Reliance, UltraTech Cement, SBI and Tata Steel were today’s top losers.
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