Goa, June 10 -- Shares of United Spirits surged over 3% on June 10, touching a five-month high, following media speculation that parent company Diageo was exploring a stake sale in IPL franchise Royal Challengers Bengaluru (RCB). However, the rally was brief, as United Spirits quickly dismissed the reports in a regulatory filing with the BSE, calling them "speculative" and confirming it was not engaged in any such discussions.

The market chatter suggested Diageo was considering selling part or all of its stake in RCB, aiming for a valuation of up to Rs.17,000 crore. RCB, a popular IPL team originally owned by Vijay Mallya, came under Diageo's control after it acquired Mallya's spirits business. The buzz gained more attention after RCB cl...