Future Retail's stock surges 20% on CCI order for Amazon
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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.
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Police have registered a case against four unidentified persons on charges of attempt to murder after NCP (SP) leader and former Maharashtra home minister Anil Deshmukh was seriously injured in stone pelting at his car in Nagpur, officials said on Tuesday.
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Amid alarmingly high pollution levels in Delhi, Environment Minister Gopal Rai on Tuesday urged the Centre to convene an emergency meeting to tackle the issue and said it is the moral responsibility of Prime Minister Narendra Modi to intervene in the matter.
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The Enforcement Directorate (ED) has uncovered "direct links" between e-commerce giants Amazon and Flipkart and their preferred sellers, The Economic Times reported on Tuesday. The central probe agency is investigating alleged violations of foreign investment laws by the companies.
According to the report, the ED quizzed the “top” five sellers of both firms and found that many of these sellers are either former employees or relatives of former associates of Amazon and Flipkart.
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