Shares of three organised retailers lost 0.88% to 1.43% at 10:29 IST on BSE after Commerce Minister Nirmala Sitharaman reportedly said on Monday, 8 September 2014 that the government will not allow foreign direct investment in multi-brand retail.
Future Retail (down 0.88%), Trent (down 1.02%), and Shoppers Stop (down 1.43%) declined.
Meanwhile, the S&P BSE Sensex was down 61.65 points or 0.23% at 27,258.20.
Earlier, the UPA government had opened the multi-brand retail sector for foreign investment and allowed up to 51% foreign direct investment (FDI) in the sector. While the new NDA government is against FDI in the sector, it has not yet initiated any move to scrap the policy of allowing FDI in multi-brand retail approved by the UPA government.
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