Aditya Birla Fashion rallies 14% on Flipkart investment

Aditya Birla Fashion Retail Ltd. (ABFRL) on Friday witnessed a rally of 14% on the announcement of Flipkart and Amazon investing in the Indian entity.

Aditya Birla Fashion Retail Ltd. (ABFRL) on Friday witnessed a rally of 14% on the announcement of Flipkart investment in the Indian entity.

The stock touched a high of Rs 176.90 after opening at Rs 153.95. It had previously closed at Rs 153.50 per share.

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Aditya Birla Fashion announced that E-commerce giant Flipkart has bought a 7.8% stake in the company for Rs 1500 crore at a price of Rs 205 per share.

Reportedly, Amazon is also in talks with the Mumbai based company to invest substantial portion. It currently has a Rs 14,340 crore market capitalization.