NDTV stock leaps amid Adani takeover speculation; group says no such development

Media company NDTVs shares are flying on the bourses amid speculation that the entity may be the target of Adani Group that is looking to enter the media business through acquisition.

The company shares on BSE flew in the morning hours of trade to hit the 10 per cent circuit levels. On BSE the stick traded at Rs 79.65, up 9.94 per cent as of 1.07 p.m.

Reports have suggested that Adani Group is looking at Delhi based media companies for its foray and NDTV may be a potential candidate. However, the interest could not be verified by IANS.

On its part, Adani Group is already progressing on its media interests with the appointment of veteran journalist Sanjay Pugalia as the CEO and editor-in-chief.

Though NDTV's financials had been moving up and down, it's stock has performed exceedingly well rising well over 100 per cent in last one year. The company has also been subject of tax investigations.

Meanwhile, NDTV has issued statement refuting any such development. "NDTV Limited is not in discussions now, nor has been, with any entity for a change in ownership or a divestment of any sort. Founder-promoters, Radhika and Prannoy Roy, who are both journalists, own 61.45 percent of the Company and remain in control of it," it said.

"NDTV has no information on why there is a sudden surge in the stock price. Regarding 'news reports' on this, NDTV cannot control unsubstantiated rumours, nor does it participate in baseless speculation," it added.