Future's stock plummets during its trading debut under new name

Future Retail (FURE.NS) shares have fallen as much

as 42.8 percent Friday, first day in which the stock started trading after the retailer's fashion brands were banded up into a separate business unit.

Late in 2012, Pantaloon Retail Ltd, and Future Ventures India (FVIL.NS) agreed to demerge their fashion businesses into a new listed unit that will simplify the businesses into three main segments.

Under the restructuring, a total of 12 fashion and lifestyle brands currently held by Future Retail and Future Ventures will be transferred to Future Lifestyle, along with a debt of 12.26 billion rupees, as the company advanced earlier this year.

Addressing its stakeholders in a communication, Future Retail announced it has fixed record date as June 24, 2013 for determining share entitlement to shareholders of the company.