Shares of MphasiS rose the most in about four weeks on stake sale report.
The stock gained as much as 6.1 per cent, the biggest intraday per cent gain since January 8.
Blackstone and Apollo are in race with Tech Mahindra to acquire MphasiS, media reports say, citing four people with direct knowledge of the matter.
The move comes after Hewlett Packard Enterprise revived its plans to sell its controlling 60.4 per cent stake in the subsidiary, the report says.
The IT Solutions provider's revenue and net income have largely remained flat over last six quarters, according to Thomson Reuters data.
Shares had fallen 12.16 per cent this year as of Wednesday’s close.