NDTV Stock Surges Amid Speculation Over Sale Of Controlling Stake
The stock, which was trading at Rs 33.50 on August 9, touched a yearly high of Rs 66.50 on September 7.
File photo of SpiceJet's chairman Ajay Singh (Getty Images)
New Delhi: Shares of New Delhi Television Ltd (NDTV) hit the upper circuit, after it surged nearly 5 per cent, hitting a high of Rs 53.10 on the BSE on Friday.
NDTV stock has been experiencing a sudden spike over the past few weeks, owing to an unconfirmed report of SpiceJet’s Ajay Singh planning to buy controlling stake in the multimedia company.
The stock, which was trading at Rs 33.50 on August 9, touched a high of Rs 66.50 on September 7.
In view of the reports on takeover, the BSE issued a notice at 11.10 am saying, “The Exchange has sought clarification from New Delhi Television Ltd on September 22, 2017 with reference to news flashed on www.moneycontrol.com dated September 22, 2017 quoting “SpiceJet’s Ajay Singh set to take control of NDTV”.
In its reply, NDTV said, “We wish to inform you that the promoters of the Company have not entered into any agreement for sale of their stake in the Company to any person.”
“The Company is mindful of its obligations under Clause 30 of the Listing Regulations and shall promptly intimate you of any event required which is required to be disclosed under the said Regulations,” NDTV added.
NDTV, over the past few months, had been in news over alleged financial wrongdoings. In connection with one of such case, CBI had raided the house of NDTV founders Prannoy Roy and his wife Radhika Roy. Premises of the company’s promoter firm RRPR Holding Pvt Ltd were also raided.
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