Shares in Spirits rose as much as 3.3 per cent to its highest since January 2011, after a national TV news channel, reported top officials at the Indian liquor maker were expected to meet Diageo on Thursday to continue discussing a potential stake sale, citing unidentified sources.

United Spirits has been in talks to sell a stake to the world's biggest spirits group but the outcome has been in doubt after Vijay Mallya, who controls the liquor company, told Reuters on October 27 he had not reached a deal with Diageo.

United Spirits declined to comment when contacted by Reuters. Diageo officials were not immediately reachable.

United Spirits shares are known for their volatility, reacting often to the speculations about speculated developments from its talks with Diageo.

United Spirits shares were up 2.6 per cent as of 11:22 a.m.