NDTV freezes at 10% upper circuit for 2nd straight day; hits 52-week high

NDTV has denied rumors of Adani Group picking stake in the company

Shares of New Delhi Television Limited (NDTV) were locked in the 10 per cent upper circuit band for the second straight day, at Rs 87.60 on the BSE on Tuesday, amid rumours of buyout by Adani Group.

The stock is trading at its 52-week high level, surpassing its previous high of Rs 85.85 touched on May 25, 2021. In the past two trading days, it has rallied 21 per cent, as compared to a 0.61 per cent decline in the S&P BSE Sensex. Till 10:02 am, around 444,000 equity shares had changed hands and there were pending buy orders for 210,000 shares on the NSE and BSE, data shows.

On its part, NDTV has denied any such development and has said the Founder-Promoters, Radhika and Prannoy Roy, are not in discussions now, nor have been, with any entity for a change in ownership or a divestment of their stake in NDTV.

“They individually and through their company, RRPR Holding Private Limited, continue to hold 61.45 per cent of the total paid-up share capital of NDTV,” the company said in its exchange filing. READ HERE

The company further said that NDTV has no information on why there is a sudden surge in the stock price. "As far as your query about the news article is concerned, NDTV cannot control unsubstantiated rumours, nor does it participate in baseless speculation," it added.

Adani Group recently appointed veteran journalist Sanjay Pugalia as the CEO and editor in chief to lead the media initiatives of the group. Pugalia was more recently the president at Quint Digital Media.

NDTV is in the business of television media and operates operates channels NDTV 24x7 (English), NDTV India (Hindi) and NDTV Profit-NDTV Prime (business and infotainment). The company's segments include television media and related operations, and retail/e-commerce.