NDTV share price locked in upper circuit for 2nd straight session – What’s driving this stock?

Amid clarification by the media company, the shares of New Delhi Television Limited (NDTV) hit an upper circuit of 10 per cent for the second straight day to Rs 87.60 on the BSE on Tuesday. This comes amid the rumours of a buyout by Adani Group.

The stock today also touched a new 52-week high level, crossing its earlier high of Rs 85.85 per share it hit on May 25, 2021. Moreover, it has surged almost 21 per cent in the last two days as against a 0.61 per cent decline in the S&P BSE Sensex. 

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In the early morning trade, around 444,000 equity shares changed hands and there were pending buy orders for 210,000 shares on the NSE and BSE, data showed.

Denying buyout developments, the media company in its filing to exchanges on Monday said, the founder-promoters, Radhika and Prannoy Roy, are not in discussions now, nor have been, with any entity for a change in ownership or divestment of their stake in NDTV.

“They individually and through their company, RRPR Holding Private Limited, continue to hold 61.45 per cent of the total paid-up share capital of NDTV,” the company further said in its exchange filing. 

The company further said that NDTV has no information on why there is a sudden surge in the stock price. "As far as your query about the news article is concerned, NDTV cannot control unsubstantiated rumours, nor does it participate in baseless speculation," it added.

NDTV clarified in a reference to a news item which appeared in “www.economictimes.com” dated September 20, 2021 captioned “NDTV hits 10% upper circuit on rumours of buyout by Adani Group”.

NDTV is in the business of television media and operates channels NDTV 24x7 (English), NDTV India (Hindi) and NDTV Profit-NDTV Prime (business and infotainment). The company's segments include television media and related operations, and retail/e-commerce.