Future Retail slumps to new low

The big loser on the BSE currently is Future Retail, which is down almost 18% at Rs.120.55 and this is a tad better after it hit a new 52-week low at Rs.118.30. Volumes have almost doubled up to almost 11.5 lakh shares.

The stock is down today as it has turned ex-scheme arrangement tfrom today.  As per the scheme, shareholders are to get 1 fully paid equity share of Rs.2 each of Future Lifestyle Fashions for every 3 equity share of Rs.2 each held in Future Retail.  Also, a shareholder will receive one fully paid equity share of Rs.2 each of Future Lifestyle Fashion for every 3 Class B (Series-1) shares of Rs.2 each held in Future Retail. The record date for this scheme of arrangement is set at 24^th June’13.