Sharp movements in shares of Future Retail, which today unveiled a deal with Bharti Retail, have come under the regulatory scanner.
Sharp movements in shares of Future Retail, which today unveiled a deal with Bharti Retail, have come under the regulatory scanner for suspected trading on the basis of “unpublished price-sensitive information”.
In a major consolidation in the Indian supermarket business announced today, Kishore Biyani-led Future group will take control of Bharti Retail in a multi-tier all-stock deal worth Rs 750 crore to create a Rs 15,000-crore behemoth.
During the day, trading volumes of Future Retail scrip saw a spurt of 13.94 times on BSE and there were sharp movements in price, too.
Sources said stock exchanges are collating the data of the scrip.
Action could be initiated if violations are found, they added.
The scrip gained over 12 per cent to close at Rs 129.65 on BSE. It had touched an intra-day high of Rs 137.
On NSE, the shares gained nearly 11 per cent to close at Rs 128.20 after reaching an intra-day high of Rs 137.10.
Earlier in the day, BSE had sought a clarification from Future Retail following reports that the Future Group was to make a strategic announcement. The clarification was asked for prior to the unveiling of the deal with Bharti Retail.