Mumbai: The shares of Reliance Industries (RIL) surged over three per cent on Monday as the Competition Commission of India (CCI) has approved the proposed buyout of Future Group’s retail assets by Reliance Retail Ventures Ltd.
Its shares on the BSE touched an intra-day high of Rs 1,970 per share.
At 11.42 a.m., the shares were trading at Rs 1,964.00, higher by Rs 64.80 or 3.41 per cent from its previous close.
Shares of Future Retail also surged on Monday. Currently, its stock price on the BSE is at Rs 79, higher by Rs 7.15 or 9.95 per cent from its previous close.
Despite Amazon’s objections, the antitrust body has cleared the Future-Reliance deal and the development has given a boost to the investor sentiments
Announcing the decision on Twitter on Friday, CCI said, “Commission approves acquisition of retail, wholesale, logistics & warehousing businesses of Future Group by Reliance Retail Ventures Limited and Reliance Retail and Fashion Lifestyle Limited.”