British telecom group BT stock jumps 9% after reported interest from RIL

Shares in BT jumped as much as 9% on Monday after India’s Economic Times said Reliance Industries was weighing a bid for the British telecoms group.

Billionaire Mukesh Ambani’s Reliance might make an unsolicited offer to buy into BT or try to get a controlling share, the report said, citing sources familiar with the matter.

It could also partner with BT’s networks arm Openreach and fund its fibre expansion plans, it added.

Reliance and BT declined to comment.

After rising as much as 9%, shares in BT were trading up 8% at 166.35 pence at 0842 GMT, valuing the company at 16.5 billion pounds ($22 billion). Reliance was up 2.2% at 2,465 rupees.