Share Market: NDTV shares jump 5% to top trading range
Shares of NDTV, which has a market cap of around $300 million, climbed 5 percent to ₹384.50 - along its upper circuit limit - to hit a 52-week high on the BSE after starting trading on a positive note.
On the NSE, it jumped 4.99 percent to ₹ 388.20 - its upper circuit limit and also a one-year peak. The 32-share BSE Sensex was trading at 60,961.01 points, down 72.29 points.
In a surprise move with the potential to change the media landscape, billionaire Gautam Adani has launched a hostile takeover of NDTV, following an indirect acquisition of a 30.18 percent stake in the first broadcaster and an offer to buy 28 percent.
The company operates three national news channels - NDTV 24x7, NDTV India, and NDTV Profit and is known for its often critical stance on government policy. NDTV has over 40 million social media followers and NDTV has a strong online presence.
The owners of one of the country's most popular news channels, (NDTV), said they were completely unaware of the acquisition till Tuesday, saying that the private company's stock has been tampered with, without talking and without asking any questions. There has been no discussion with Royce will be left with 32% of NDTV once the RRPR-linked loan deal closes, which is expected to be formalized.
Kapil Sibal, former minister of the UP government and top lawyer, took to Twitter to express his grief and said that almost the last bastion of independent journalism is being taken over by every industry as these things are happening.
"We should be worried!"