Mukesh Ambani has suffered a major setback from the Supreme Court. The Supreme Court has ruled in favor of Amazon in the Future-Reliance Retail Deal case. The court has banned the Reliance-Future retail deal. The Supreme Court said Reliance cannot proceed with the future group's retail property purchase deal.
The Supreme Court said the Singapore Arbitrator's decision to curb the sale of future retail can be implemented. Future Retail's $3.4 billion (Rs 24,713 crores) deal with Reliance Retail is eligible to determine the arbitrator's decision. After the decision, Reliance Industries shares are trading 2% lower on BSE. This has reduced the company's market capital by Rs 1.3 lakh crores to Rs 13.47 lakh crores from Rs 14.77 lakh crores at the close of the market.
In February this year, Amazon filed a petition against Future Group in the Supreme Court. It challenged Future Group's retail assets to sell to Reliance Retail. Reliance and Future Retail signed a deal in August 2020. Amazon approached the Arbitration Court in Singapore against the deal. The deal was also banned by a Singapore court on October 25, 2020. The Singapore court has also not given any final verdict.