Shares of retailers fell sharply on Monday after a key ally of the ruling Congress party voiced fresh opposition to government efforts to open India's $450 billion retail sector to foreign supermarkets like Wal-Mart stores.

Pantaloon Retail, the country's largest listed retailer, plans to spin off its branded apparel business under the Pantaloons brand into a separate company, a source with direct knowledge of the develo

Future Group, India's largest retailer which owns Pantaloon Retail, is looking to sell stakes in brands and units to raise funds and help cut the group's $1.6 billion debt, the Economic Times reported