(Rewrites with company comment, adds share movement)

MUMBAI, Nov 24 (Reuters) - Indian drugmaker Strides Arcolab (STAR.BO) said a report that General Atlantic is in talks to buy 30-40 percent stake in its injectables business was speculative.

The Economic Times said on Tuesday, citing banking and private equity sources familiar with the deal, the private equity firm was in advanced talks for a deal worth about $100 million

"... the news is purely speculative in nature and the company will keep the stock exchanges informed as and when there is any such development," Strides said in a statement to the Bombay Stock Exchange. Strides shares, which rose over 9 percent to a 12-month high of 210 rupees, gave up gains to close 2.7 percent higher at 197.75 rupees in a weak Mumbai market.

The injectable business is part of Strides Specialities unit, which also houses the company's research and development division. The company's speciality pharma business recorded 3 billion rupees in revenue for 2008, the report said.

Pat Hedley, senior vice-president at General Atlantic, told the paper his company could not comment on any investment it may or may not be considering, the report said.

In September, the paper had reported private equity players Carlyle Group and 3i (III.L) were also eyeing a stake in the injectables business.