Retail stocks were under pressure on Monday after a tussle between ruling party United Progressive Alliance (UPA) and other parties over approval to the foreign direct investment (FDI) in retail sector. Pantaloon Retail plunged 10%.
Among the others, Shoppers Stop, Vishal Retail and Koutons Retail crashed 6.5-7%. Meanwhile, CESC, which runs Spencer retail, fell 4%.
On November 24, the cabinet had approved 100% FDI in single brand retail and 51% in multi-brand retail.
After this announcement, parliament has been adjourned for nine sessions in the winter session over FDI in retail subject. Allies and opposition parties have been putting relentless pressure on the UPA to put this policy on hold. West Bengal Chief Minister and Trinamool Congress chief Mamata Banerjee is strongly opposed to this.
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