FDI in retail not on cabinet agenda, Pantaloon falls further

Pantaloon Retail fell as much as 3.2 percent after the commerce minister said a proposal to open multi-brand retail to foreign direct investment was not on the agenda of the government’s cabinet meeting on Friday.

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Pantaloon shares were down 2.8 percent at Rs 146.75 at of 12:34 pm, while Shoppers Stop was down 0.8 percent.

However, the minister said the cabinet would discuss a proposal to allow FDI into the aviation sector, though the news had been expected.

Airline shares held on to their previous gains, with SpiceJet up 3.2 percent.

Reuters