Stock Demerger and Futures

Hi Experts,
In case the stock gets demerged and someone has bought it in FUTURES before the demerge announcement, how does the price of FUTURES get affected here? Do we LOSE the money till the demerged price ir even FUTURES people gets adjustments?

Arvind ltd all future and option positions be it of November ,December and January expired on 27 November and so was the case with CESC few weeks before. futures are available for maximum 3 months and it is just not possible that at the time of building position , it is not known about d-merger is in offerings . Record date may have been announced during these 3 month period .