JM Financial surges after tie-up with Vikram Pandit

MUMBAI (Reuters) - Shares in JM Financial Ltd rose as much as 17.6 percent 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 11:43 a.m., the stock was trading up 17.6 percent.

(Reporting by Abhishek Vishnoi; Editing by Rafael Nam)