Future Group's stock zooms up to 19% as RIL assumes control of 200 stores

28 Feb 2022 , 12:16 PM

Future Group’s stock gained up to 19% in Monday morning trade as Reliance Industries took over operations of 200 stores previously operated by the Future Group.

As the Future Group failed to make lease payments to landlords, Reliance Retail has assumed control of at least 200 stores and offered jobs to its employees.

Following this development, Future Supply Chain Solutions gained nearly 12.5% so far in today’s trade at Rs69.50 against its previous closing price of Rs61.80. It touched day’s high and low of Rs72 and Rs62.45 respectively.

Future Enterprises skyrocketed 18.79% or Rs1.55 in today’s trade at Rs9.80, and Future Lifestyle jumped 7.39% to Rs55.20 against its previous closing price of Rs51.40.

Future retail operates about 1700 retail stores in the country, and RIL will be rebranding 200 of its flagship supermarket Big Bazaar stores as its own started by Kishore Biyani two decades ago.

Earlier, Reliance has transferred leases of some of its stores to the future group, and now it is taking over them. Reliance has also offered some jobs to company’s employees on pre-decided terms.