NDTV stock jumps 5% on takeover buzz

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

person".

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

airline.

 

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)