MUMBAI: Shares of most Future Group companies hit their 5 per cent lower circuit limits today after the Securities and Exchange Board of India (SEBI) banned the group’s chief executive officer, Kishore Biyani, from accessing the capital market for one year.
In an order on Wednesday, SEBI said that its investigation found that Future Retail’s promoters including Biyani had traded the in the scrip while possessing undisclosed price sensitive information.
Shares of Future Enterprises, Future Retail, Future Consumer, Future Supply, Future Lifestyle Fashion and Future Market Network fell 3-5 per cent.
SEBI has also banned Biyani from trading in the Future Retail stock.
The development comes at a time when the Group is facing difficulty in getting its deal to sell its retail and wholesale assets to Reliance Industries’ arm, Reliance Retail Venture, completed amid a dispute with Amazon.com Inc.
