Shares of NDTV jumped almost 5
per cent today amid reports that SpiceJet's Ajay Singh is set
to take control of the media firm even as the company denied
any such move.
Following the buzz, shares of the company rose by 4.94
per cent to Rs 53.10 -- its upper circuit limit -- on BSE.
On NSE, the stock gained 4.96 per cent to Rs 52.85 -- its
highest trading permissible limit for the day.
SpiceJet stock, however, fell by 1.51 per cent to close
the day at Rs 143.35 on BSE. Intra-day, it lost 2.67 per cent
to Rs 141.65.
According to reports, Singh is set to take a substantial
stake in NDTV.
In a filing to the BSE, 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
It came in response to a clarification sought by BSE on
reports suggesting stake purchase by Singh in the company.
"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 said in the filing.
When contacted, a SpiceJet spokesperson said the reports
are "absolutely false and baseless".
Singh, the co-founder and chairman of SpiceJet, has been
instrumental in turning around the fortunes of the no-frills
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)