Mumbai: Shares of retail companies Thursday witnessed heavy sell-off by investors on the bourses, reacting to the government's decision to put on hold its proposed opening up of multi-brand retail sector for foreign investors.
Companies like Pantaloon Retail, Vishal Retail, Trent Ltd tumbled Thursday and an overall weakness in the market further added to the weak investor sentiments on these counters.
Kishore Biyani-led Future group's Pantaloon Retail (India) settled nearly 6 percent lower at Rs 186.45 on the BSE.
Shares of Vishal Retail plummeted 6.48 percent to close at Rs 18.05, while Koutons Retail dropped 4.02 percent to settle at Rs 19.10.
Among others, Tata Group's retail venture Trent shed 1.66 percent, Provogue (India) fell by 1.56 percent and Shoppers' Stop ended 1.26 percent lower.
After being paralysed for over two weeks, the winter session of Parliament got to do some business yesterday after the government announced that the controversial decision on FDI in retail was being put on the backburner till a consensus is evolved among various stakeholders.
Marketmen said that the government's decision to put FDI in multi-brand retail on hold has dampened the investors' confidence and the bearish market sentiments also weighed on these stocks.
First Published: Thursday, December 8, 2011, 18:41