Consumer products company, Future Retail jumped up over 6% today, the biggest one-day gain over 3–months at Rs.552. Volumes were doubled up and it’s 52-week high stands at Rs.639.54.
The stock price has jumped up on unconfirmed reports that Google and Paytm were in talks to buy a stake in the company worth Rs.3500 to 4000 crore.
The news is that Google and Paytm were likely to form a consortium to buy out a 7 to 10% stake in the company.
News is that Amazon too has approached the Future Retail management for a stake buy.
The stock exchanges have sought clarification on this news and the company is yet to respond.