Amidst Google's Just Dial acquisition rumours, shares jump to INR 549.85
Just Dial has rebuffed all reports suggesting a deal in place for Google to take over
In what would be a sensational move to the dying business of ‘Just Dial’, shares of Just Dial soared to day’s high of INR 549.85, on Friday, registering over 19.79 per cent rise from its closing price of INR 459 because of the acquisition rumours.
According to reports, no acquisition deal was in place and the company rebuffed suggestions but the stocks had a different story to narrate.
After having jumped to INR 549.85, 19.79 per cent higher than the previous session's closing, Just Dial's shares pared most of the intra-day gains to trade nearly 6 per cent higher at INR 488 (1:35 pm on BSE) after the company denied the buzz that Google is set to acquire it.
The change had surged on a media report (Business Standard) that Google is in talks to acquire Just Dial. The stock, despite the surge, was still far lower than its 52-week of INR 619 that it had achieved on March 17 this year. NSE, early morning, sought clarification from Just Dial on the said media report.
Later, the price dropped to INR 492.25 with the day’s high being INR 549.