NDTV stock rises 5%; hits upper circuit limit on Adani group takeover bid

New Delhi: NDTV’s share price rose 5 per cent, hitting the upper circuit in opening trade on Wednesday, a day after the Adani group launched a hostile bid to take over the media house.
The stock climbed 5 per cent 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.
The company’s market capitalisation climbed Rs 117.99 crore to Rs 2,478.92 crore on the BSE.
On the NSE, it jumped 4.99 per cent to Rs 388.20 — its upper circuit limit as also the one-year peak.
After declining in opening trade, the 30-share benchmark Sensex was trading 87 points higher at 59,118.24 points in late morning trade.
In a move that has significant ramifications for the media landscape, billionaire Gautam Adani on Tuesday launched a hostile bid to take over NDTV, first with an indirect acquisition of 29.18 per cent stake in the broadcaster followed by an offer to buy out a further 26 per cent controlling stake.