NDTV shares climb 5 pc; hit upper circuit limit
- Country:
- India
Shares of NDTV jumped 5 percent to hit their highest trading permissible limit for the day on Wednesday after the Adani group launched a bid to take over the media company.
The stock climbed 5 percent to Rs 384.50 -- its upper circuit limit as well as 52-week high -- on the BSE after beginning the trade on a positive note.
At the NSE, it jumped 4.99 percent to Rs 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 percent stake in the broadcaster followed by an offer to buy out a further 26 percent controlling stake.
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.
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