JM Financial surges after tie-up with ex-Citi CEO Pandit

MUMBAI (Reuters) - Shares in JM Financial Ltd rose as much as 13.6 percent early 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 26 rupees in the National Stock Exchange early on Friday.

At 9:24 a.m., the stock was trading up 10.19 percent.

(Reporting by Abhishek Vishnoi; Editing by Rafael Nam)