Revlon Stock Soars on Report of Potential Acquisition Out of Bankruptcy

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Revlon

stock soared more than 53% in premarket trading Friday after a report said Indian conglomerate

Reliance Industries

(RIL.India) is considering buying the cosmetics maker after it filed for bankruptcy.

The news was reported by Business channel ET Now, which cited unidentified sources.

Revlon

(ticker: REV) filed for Chapter 11 bankruptcy protection, weighed down by supply chain disruptions, rising inflation, and debt obligations.

Shares in Revlon, which have plunged more than 82% since January, surged 53.33% ahead of the market open to $2.98.

Revlon and

Reliance

didn’t immediately respond to requests for comment. ET Now tweeted that Reliance said that it doesn’t comment on market speculation.

Write to Lina Saigol at [email protected]