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Shares of Jai Corp Ltd, a maker of steel products and plastics, rose as much as 10 per cent, their circuit breaker limit.
The stock hit its highest since January 2011 as a media report, citing sources, said that Reliance Industries Ltd Chairman Mukesh Ambani, through his personal investment firms, is in talks to buy out Jai Corp's 24 per cent stake in Navi Mumbai Special Economic Zone (NMSEZ).
The report said that if the deal goes through, Ambani will be the largest shareholder of NMSEZ with 48.1 per cent stake. Jai Corp and Reliance were not immediately available for comment.
Jai Corp stock posted biggest intraday gain since November 24. More than 7.5 million shares traded, 1.7 times their 30-day average of 4.3 million. The stock was up 16.4 per cent this year as of Wednesday's close.
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