All the stocks hit their respective lower circuit limits. Shares of Reliance Industries also declined by 2.31 per cent.
The stock of Future Consumer plummeted 19.91 per cent, Future Supply Chain Solutions slipped 19.96 per cent, Future Lifestyle Fashions 19.89 per cent, Future Enterprises tumbled 9.87 per cent.
A majority of lenders to Future Group rejected a deal involving the sale of its retail assets to RIL in NCLT, with 69.29n per cent voting against.
Reliance calls off Rs 24,713-crore deal with Future Group after secured creditors give a thumbs down
Reliance Industries said its Rs 24,713-crore deal with the Future Group cannot go ahead as secured creditors of the latter have voted against it.
It leaves bankruptcy as a strong possibility for the retailer; at least 75% vote was required for the deal to pass.
FRL and RIL spokespersons could not be contacted for comment. For the deal to be approved, 75% of the shareholders and lenders of 21 Future group firms have to vote for it.
Future Retail defaulted on payment of Rs 5,322.32 crore to a string of lenders by the due date of March 31.
Amazon has been contesting the Rs 24,713 crore sale of Future Group's retail assets to Ambani's Reliance group, first announced in August 2020, and the case is currently before the Supreme Court.
The notice comes at the conclusion of a 10-day window given by the SC to the warring Amazon and Future group to resolve their differences out of court.
To be sure, Future group is working on consummating a Rs 24713-crore deal with RIL even as the negotiations with Amazon are under way.
In stock exchange filings, the Kishore Biyani-led debt-laded Future Group firms said they have been served notices to terminate the lease of 835 Future Retail stores and 112 Future Lifestyle stores.
All of these stores which Reliance is taking over are loss-making and the balance stores will continue to be run by FRL.
The group owes over Rs 12,000 crore to its lenders, which it hoped to meet via the sale of its retail assets to Reliance Industries for a consideration of Rs 24,713 crore.
In its filing, reviewed by TNIE, Future Retail said it was unable to service the debt due to legal challenges from Amazon.
Future has failed to close its $3.4 billion deal to sell its retail assets to market leader Reliance Industries due to the tussle with US e-commerce major Amazon