Future Group stocks surge 20% after India suspends 2019 Amazon deal
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BENGALURU -Shares of India's Future Group companies surged about 20% on Monday after the country's antitrust agency suspended Amazon.com Inc's 2019 deal with the group, potentially making it easier for Reliance Retail to buy Future's retail business.
The regulator ruled the U.S. e-commerce giant suppressed information while seeking regulatory approval on an investment in Indian retailer Future Group two years ago.
The suspension potentially dents Amazon's attempts to block the sale of Future's retail assets to Reliance Industries Ltd's unit.
Amazon has for months successfully used the terms of its $200 million investment in Future Group to block the Indian retailer's attempts to sell retail assets to Reliance for $3.4 billion.
Future Retail, Future Consumer, Future Enterprises and Future Lifestyle Fashions climbed nearly 20%, with shares of Future Retail touching a two-month high.
Reliance Industries shares slid 2.2% amid a broader market sell-off. [.BO]
(Reporting by Chris Thomas in Bengaluru; Editing by Shounak Dasgupta)
