The stock rallied as much as 8.9 percent to touch an intraday high of Rs 31.90 in early trade after The Financial Express reported that Mukesh Ambani group's flagship company Reliance Industries will buy Hotel Leela's business park to house its 4G operations for Rs 172 crore.
However, the company clarified to BSE that they have not yet entered into any definitive agreements for sale of the property either with RIL or any other party. "The company and its senior management continue to evaluate proposals and will make announcement to the stock exchanges and investors as and when appropriate," Hotel Leela said in a release.
At 14:14 hours IST, the stock rose 3.75 percent to Rs 30.40 amid large volumes on the Bombay Stock Exchange.
Trading volumes increased significantly to 3,68,157 equity shares as compared to its five day average of 26,780 shares.
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