Future Group probing financial abilities rumours

Kishore Biyani-led Future Group on Friday said it is investigating the “rumours” regarding its financial abilities, a list of lenders and debt numbers circulating on social media that have led to hammering of stock prices of its listed entities.

Such “baseless rumours or messages” have apparently “impacted some of our listed company stocks in the last few days” and it may approach the “regulatory authorities for suitable action thereof ”, according to a regulatory filing by the group firm Future Retail.

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

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

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

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

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

Shares of Future Retail on Friday fell by 1.66 per cent to ~290 apiece.