Future Retail slumps over 40 pct on fashion brands spinoff
Reuters Market Eye - Shares in Future Retail(FURE.NS) fall as much as 42.8 percent as Friday marks the first day in which the stock starts trading after the retailer's fashion brands were spun off into a separate unit.
Future, formerly known as Pantaloon Retail Ltd, and Future Ventures India FVIL.NS agreed in November 2012 to demerge their fashion businesses into a new listed unit that will simplify the businesses into three main segments.
Under the restructuring, all fashion brands currently held by Future Retail and Future Ventures will be transferred to Future Lifestyle, along with a debt of 12.26 billion rupees.
(Reporting by Abhishek Vishnoi)
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