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    HomeNewsBusinessMarketsRetail rally fizzles out amid political opposition for FDI

    Retail rally fizzles out amid political opposition for FDI

    Retail stocks continued to slide on Tuesday amid growing opposition from political parties, some them within the UPA government, for FDI in multi-brand retail. Most of these stocks fell 3-5% on Tuesday after an all party meet held to try and iron out the differences failed to make any headway.

    November 29, 2011 / 20:03 IST

    Moneycontrol Bureau

    Retail stocks continued to slide on Tuesday amid growing opposition from political parties, some of them within the UPA government, against foreign direct investment in multi-brand retail. Most stocks in the retail sector fell 3-5% on Tuesday after an all-party meet held to try and iron out the differences failed to make any headway.
     
    The government's approval to 51% foreign direct investment last week had provided a shot in the arm for retail stocks, most hitting their 52-week high on Friday. However, the rally's life was cut short as opposition to the said FDI gained momentum.     Pantaloon Retail, Shoppers Stop, CESC, which owns Spencer's Retail and Tata-group company Trent  fell 7-16% from Friday's close.

    Company

    		Stock closing price on Tues. [Rs]

    Change from Friday

    first published: Nov 29, 2011 03:40 pm

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