The Supreme Court of India ruled that an international court decision favoring Amazon's effort to stop Reliance Industries from buying Future Retail, a local, cash-strapped retailer, for $3.4 billion was enforceable.
Amazon argued that an earlier deal giving it a nearly 5 percent stake in Future Retail also gave it the right of first refusal to acquire more shares in the company.
The American firm sought to enforce its agreement with Future Group through the Singapore International Arbitration Centre (SIAC), which ordered a temporary halt on the Reliance deal in October.
The Future Group, Future Retail's parent, then questioned the validity of the international court's order in India.
The Indian court's verdict sends the dispute back to the arbitrator.
Reliance said it intends to pursue all available avenues to close the deal and protect the interests of its stakeholders and workforce.
Reliance owner Mukesh Ambani has ambitions to challenge Amazon and Walmart-owned Flipkart's dominance of India's e-commerce sector.
Shares in Reliance Industries plunged almost 2 percent in Mumbai, while those of Future Group fell 10 percent following the ruling.


Citigroup Faces Lawsuit Over Alleged Sexual Harassment by Top Wealth Executive
Federal Judge Rules Trump Administration Unlawfully Halted EV Charger Funding
Trump Family Files $10 Billion Lawsuit Over IRS Tax Disclosure
Trump Endorses Japan’s Sanae Takaichi Ahead of Crucial Election Amid Market and China Tensions
US Judge Rejects $2.36B Penalty Bid Against Google in Privacy Data Case
Trump Lawsuit Against JPMorgan Signals Rising Tensions Between Wall Street and the White House
Oil Prices Slide on US-Iran Talks, Dollar Strength and Profit-Taking Pressure
Dollar Steadies Ahead of ECB and BoE Decisions as Markets Turn Risk-Off
Federal Judge Blocks Trump Administration Move to End TPS for Haitian Immigrants
Supreme Court Signals Skepticism Toward Hawaii Handgun Carry Law
Japan Economy Poised for Q4 2025 Growth as Investment and Consumption Hold Firm
Trump Administration Sued Over Suspension of Critical Hudson River Tunnel Funding
U.S.-India Trade Framework Signals Major Shift in Tariffs, Energy, and Supply Chains
Silver Prices Plunge in Asian Trade as Dollar Strength Triggers Fresh Precious Metals Sell-Off
Bank of Japan Signals Readiness for Near-Term Rate Hike as Inflation Nears Target
China Extends Gold Buying Streak as Reserves Surge Despite Volatile Prices
Federal Reserve Faces Subpoena Delay Amid Investigation Into Chair Jerome Powell 



