JM Financial surges after tie-up with ex-Citi CEO Pandit | business | Hindustan Times
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JM Financial surges after tie-up with ex-Citi CEO Pandit

Shares in JM Financial Ltd rose as much as 10% at the pre-open today after the company said on Thursday former Citigroup chief executive Vikram Pandit is buying a stake in the Indian financial services company.

business Updated: May 17, 2013 10:44 IST

Shares in JM Financial Ltd rose as much as 10% at the pre-open on Friday after the company said on Thursday former Citigroup chief executive Vikram Pandit is buying a stake in the Indian financial services company.

Pandit, who resigned from Citi last October, will also become non-executive chairman of JM Financial's banking arm if it succeeds in getting a banking license, the company said.

A block deal of 599,850 shares JM Financial's shares were also sold at Rs 26 in the National Stock Exchange early on Friday.

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