Raheja Group-owned Shopper's Stop on Tuesday surged 20 per cent 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 Rs 425 and later gained further strength to surge to an intra-day high of Rs 474.90, a jump of 19.93 per cent over the last close of Rs 395.95.
Over 15,000 shares exchanged hands on the BSE. According to reports, Reliance Industries 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 per cent over its previous close and witnessed an intra-day high of Rs 2,599, while Birla group's flagship firm Aditya Birla Nuvo Ltd gained 1.59 per cent and touched an intra-day high of Rs 1,789 on the BSE.