Just Dial denies news of proposed acquisition by Google

Last week there was a buzz that Google is set to acquire Just Dial. There was a media report stating Google was in talks with Just Dial for the acquisition, which led the stock to surge by more than 20 percent on Friday. 

Also, on Friday, HDFC Mutual Fund had bought 3,40,000 shares of Just Dial at Rs. 520.08 per share as per the bulk purchase details available at NSE. 

In last one week, company was trading low at Rs. 412.15 per share. Post this news and HDFC MF’s investment, its share price reached intra-day high of Rs. 551.25 on Friday. The share has made 52-week high of Rs. 619.45 in March 2017 and 52-week low of Rs. 318.20 in December 2016. 

Clarification regarding the acquisition was sought from the company on Friday. The company has clarified that no such proposal was offered by Google and the news published in a media report is factually incorrect. 

On Friday, the scrip closed at Rs. 500.30 per share and on Monday it opened at Rs. 472. The stock has plunged by almost 6 percent on Monday. It has made intra-day high of Rs 495.25 and intra-day low of Rs. 470.30 in the morning session.