Shares of United Spirits surged as much as 9.8 per cent to their highest since July 2011 on Monday. The gains come after news reports on Friday that Diageo Plc is in advanced talks to buy a stake in the domestic spirits maker controlled by billionaire Vijay Mallya, citing four unidentified people with knowledge of the matter.
Other companies belonging to Mallya's UB Group gained as well, with Kingfisher Airlines up 3.1 per cent, UB Holdings up 3.6 per cent and United Breweries up 4.4 per cent.
"We do not comment on such speculation," a UB Group spokesman said when contacted about the report.
A Diageo spokesman offered "no comment" when contacted.
Copyright: Thomson Reuters 2012
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