NEW DELHI: Shares of Future Group firms took a beating on Monday, tanking up to 20 per cent after Reliance Industries called off its Rs 24,713-crore deal to acquire the Group's assets.
Future Consumer shares plummeted 19.92 per cent, Future Supply Chain Solutions tumbled 19.85 per cent, Future Lifestyle Fashions dived 19.89 per cent, Future Enterprises tanked 9.87 per cent and Future Retail fell 4.96 per cent on the BSE.
All these stocks hit their respective lower circuit limits. Shares of Reliance Industries also declined by 2.31 per cent.
In a regulatory filing on Saturday, Reliance said Future Group companies comprising Future Retail Limited (FRL) and other listed companies involved in the scheme have intimated the results of the voting on the scheme of arrangement by their shareholders and creditors at their respective meetings.
"The secured creditors of FRL have voted against the scheme. In view thereof, the subject scheme of arrangement cannot be implemented," said RIL, while updating on the scheme of arrangement for the transfer of retail and wholesale business and the logistics and warehousing business of Future Group to its subsidiary Reliance Retail Ventures Ltd (RRVL) and Reliance Retail and Fashion Lifestyle Ltd (RRFLL).
Though the shareholders and unsecured creditors of FRL have voted in favour of the scheme, it added.
Several listed Future Group entities - FRL, Future Enterprises, Future Market Networks Ltd, Future Consumer, Future Supply Chain Solutions Ltd and Future Lifestyle Fashions Ltd - in their respective regulatory filings on Saturday also said the composite scheme of arrangement with Reliance Group entities now cannot be implemented due to the outcome of the voting.