Shares of NDTV jumped 5 per cent to hit their highest trading permissible limit for the day on Wednesday after Adani group launched a bid to take over the media company.
The stock climbed 5 per cent to ₹384.50 — its upper circuit limit as well as 52-week high — on the BSE after begining the trade on a positive note.
At the NSE, it jumped 4.99 per cent to ₹388.20 — its upper circuit limit as also the one-year peak. The 30-share BSE Sensex was trading 70.29 points lower at 58,961.01 points.
In a stunning move with the potential to change the media landscape, billionaire Gautam Adani has launched a hostile takeover of NDTV, first with an indirect acquisition of a 29.18 per cent stake in the broadcaster followed by an offer to buy out a further 26 per cent controlling stake.
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The company operates three national news channels – NDTV 24×7, NDTV India and NDTV Profit. With over 35 million followers, NDTV has a strong online presence and is one of the most followed news handles on social media .
The owners of New Delhi Television Ltd (NDTV), one of the nation’s most popular news channels, said they were completely unaware of the takeover until Tuesday, and that it was done without their consent or any discussion.