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Bloomberg
Future Retail Ltd’s shares and dollar bonds jumped after an order by India’s antitrust body may make it harder for Amazon.com Inc to block a bid for the Indian department store chain by rival Reliance Industries Ltd.
Future’s shares rose by the maximum permissible 20% to 57.5 rupees in Mumbai on Monday, the biggest surge since August last year. Its 2025 dollar bonds advanced 4.2 cents on the dollar to 57.9 cents, the biggest daily gain since February.
The order by Competition Commission of India strikes at the heart of the US giant’s efforts to scuttle billionaire Mukesh Ambani’s plan to buy Future Retail and cement his firm’s position as India’s largest retail network. Amazon had been arguing that Ambani’s move contravenes the 2019 agreement between the US retailer and Future group.