Amidst Google's Just Dial acquisition rumours, shares jump to INR 549.85

Amidst Google's Just Dial acquisition rumours, shares jump to INR 549.85”

"We would like to clarify that as of now there is no proposal in respect of acquisition of business of Just Dial by Google and news published in Business standard dated 10 November 2017 is factually incorrect", the company said in the clarification to the exchanges.

The extraordinary movement in Just Dial's share price prompted the National Stock Exchange to seek an explanation from the local search engine over the news report.

The report quotes an investment banker said to be familiar with the discussions.

"Google, a subsidiary of parent Alphabet, has been talking to Just Dial for an acquisition for some time. Both the companies entered into exclusive talks about two months ago", says the report quoting the investment banker.

The report sent Just Dial's stock surging by nearly 20%.

Internet Gaint Google, acquired the Just Dial, an Indian search engine and the deal works out as the shares of Just Dial jumped about 20%. 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.

In its Q2FY18 earning report Just Dial has reported a Traffic (Unique Visitors) of 105 million, up 37.1 per cent YoY and 4.5 per cent QoQ. In July this year, Google acquired Bengaluru-based AI startup Halli Labs. The third co-founder is Mark Risher. The firm started offering local searches in 1996 and is now the leading local search engine in India, with services offered on a variety of platforms - Internet, mobile, voice calls and SMSes.

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