Monday, 30th October 2017

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Rumours hurt Future Group shares

WhatsApp message carrying the names of lenders and debt numbers for Future Group

  • Published 7.03.20, 2:13 AM
  • Updated 7.03.20, 2:13 AM
  • a min read
Kishore Biyani (Pic: Future Group )

Kishore Biyani-led Future Group on Friday said it was investigating the “rumours” on the social media on its financial health that have led to the hammering of stock prices of its listed entities.

In a regulatory filing to the bourses, group firm Future Retail said the messages or rumours have hurt some of the listed shares.

“We are investigating these and, if required, shall also be approaching the regulatory authorities for suitable action thereof,” the filing quoting Biyani said.

“Apart from the weak market conditions emanating from the coronavirus fear, these baseless rumours have apparently impacted some of our listed company stocks in the past few days,” Biyani said in a message to its stakeholders.

“Any such rumours, messages on the fundamentals or our operational and financial abilities as a group are totally baseless and false,” the Future group founder said.

A spokesperson from the group could not be reached for comments.

Referring to the rumours that have been doing rounds and, specifically one WhatsApp message carrying the names of lenders and debt numbers for Future Group, Biyani said it was impacting its listed entities.

Future Group has a presence in the Indian retail and fashion sectors with supermarket chains such as Big Bazaar and Food Bazaar, and lifestyle stores such as Brand Factory and Central.

Shares of Future Retail on Friday fell 1.66 per cent to Rs 290. Over the last one month, the scrip has fallen around 13 per cent.

However, the shares of Future Enterprises, another group firm, finished higher around 14 per cent at Rs 22.30 on the Bombay Stock Exchange on Friday.