Future Retail bonds tumble with stocks after Reliance deal blow

Future Retail’s bonds and shares plunged after a top court on Friday halted an attempted purchase by billionaire Mukesh Ambani’s Reliance Industries Ltd.
 

The Mumbai-based supermarket operator’s bonds maturing in 2025 fell by 5.6 cents on the dollar to 57.9 cents, the lowest since Aug. 19 last year, Bloomberg-compiled data show. The company’s shares declined by its daily limit of 10%, while shares of five other companies of the Future conglomerate also slipped.

The slide extends Friday’s losses after India’s Supreme Court ruled in favor of Amazon.com Inc.’s request to halt the purchase, dealing a blow to indebted retailer’s rescue.