UK's Rightmove falls on rejecting REA Group's $8.29 bln proposal
** Shares in Rightmove RMV.L fall 4.8% to 636.4p, top loser on London's bluechip index .FTSE
** UK properly portal rejects fourth takeover proposal from Australian rival REA Group REA.AX
** Co says $8.29 billion proposal undervalues co, believes shareholder interests would be better served via execution of standalone strategic plan
** Clarifies co engaged with REA board to extent it deems "customary and appropriate"
** Shares hit lowest since Sept. 2 when REA's first approach was made public
** RMV has risen ~10% so far this year
Reporting by Prerna Bedi in Bengaluru
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