Pantaloon Retail fell as much as 3.2 percent after the Commerce Minister said a proposal to open multi-brand retail to foreign direct investment was not on the agenda of the government's cabinet meeting on Friday.
Pantaloon shares were down 2.8 percent at 146.75 rupees at of 12:34 p.m., while Shoppers Stop was down 0.8 percent.
However, the minister said the cabinet would discuss a proposal to allow FDI into the aviation sector, though the news had been expected.
Airline shares held on to their previous gains, with SpiceJet up 3.2 percent.
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