Reliance MediaWorks fails to clarify on share sale to Disney

Reliance MediaWorks today said the company was "firmly in the picture on Disney stake buy rumour," but refused to comment on a web portal report.

The comments follow a near 37 per cent jump in the Reliance MediaWorks stock, which rose to Rs292.95 in a single trading session yesterday.

The stock recorded trading volume of 8.12 million shares on reports the global media and entertainment conglomerate Walt Disney would be picking up a minority strategic stake in the Anil Ambani-led media firm, which is into production, processing, distribution and screening of feature films.

In its filing with the Bombay Stock Exchange (BSE), Reliance MediaWorks said "it is not the policy of the company to comment on speculation and rumors."

The company said it would intimate the stock exchange on any development that concerns stake-holders in due course and at appropriate time.

The mid-cap Reliance MediaWorks stock had outperformed the market over the past one month till 5 October 2010, rising 45.17 per cent against the Sensex's 12 per cent rise.