The Revlon REV – Premarket trade-in Reliance Industries 500325 +1.18% (RIL.India13.33 )’s percent stake rose more than 53% after a report indicated the cosmetics producer had filed for bankruptcy and that the Indian conglomerate was contemplating purchasing it.

ET Now, a business news program, broke the story, citing unnamed sources.

When supply chain problems, increased prices, and debt obligations forced Revlon (NYSE: REV) to file for Chapter 11 bankruptcy, the cosmetics giant filed for protection.

With Revlon’s stock down over 82% since January, shares jumped 53.3% to $2.98 before the commencement of trading.

Requests for comment from Revlon and Reliance 500390 0.00 percent were not immediately returned. A tweet from ET Now said that Reliance stated that the company does not comment on market speculation.

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