Mumbai: Raheja Group-owned Shopper’s Stop on Tuesday surged 20% on the Bombay Stock Exchange on reports that corporate giants like Reliance Industries and A V Birla group are interested in buying out the retail chain.
The scrip opened firm at Rs425 and later gained further strength to surge to an intra-day high of Rs474.90, a jump of 19.93% over the last close of Rs395.95. Over 15,000 shares exchanged hands on the BSE.
According to reports, Reliance Industries (RIL) and the A V Birla Group are taking a serious look at the buyout proposition.
The group is reported to have been looking for a buyer for Shopper’s Stop as also its other retail formats, including Home Stop, Crossword, Stop & Go (airport retail) and Brio.
Shares of Reliance Industries moved up 1.84% over its previous close and witnessed an intra-day high of Rs2,599, while Birla group’s flagship firm Aditya Birla Nuvo Ltd gained 1.59% and touched an intra-day high of Rs1,789 on the BSE.