Future Retail erases morning gains, slumps up to 8% post Amazon deal

After almost a year of negotiations, global e-commerce and technology giant Amazon.com is acquiring a 49 per cent stake in Future Coupons, the promoter entity of Future Retail.

Shares of Future Retail slumped as much as 7.94 per cent to Rs 380.60 apiece on the BSE in the morning trade on Friday, a day after the company informed that American e-commerce giant Amazon.com is acquiring a 49 per cent stake in its group entity — Future Coupons.

Early in the trade, the stock hit a high of Rs 424.30 against yesterday's close of Rs 413.45. At 10:38 am, the stock was trading at Rs 393.85 apiece on the BSE, down around 5 per cent. In comparison, the benchmark S&P BSE Sensex was ruling at 36,520.62 levels, down 48