Jai Corp hits 8-year high as RIL's Mukesh Ambani eyes stake in NMSEZ

The stock was up 10% to Rs 223, its highest level since January 5, 2011, on BSE in intra-day trade

Jai Corp hit an eight year high of Rs 223, up 10% on BSE in intra-day trade after the media report suggested that Reliance Industries’ (RIL) Mukesh Ambani in talks to buy out the company’s 24% stake in Navi Mumbai Special Economic Zone (NMSEZ). The stock is trading at its highest level since January 5, 2011.

“RIL Chairman Mukesh Ambani, through his personal investment firms, is in talks to buy out Jai Corp’s 24% stake in NMSEZ. If the deal goes through, Ambani will be the largest shareholder of the NMSEZ with a 48.1% stake,” the Business Standard reported.