Shares of New Delhi Television Ltd (NDTV) jumped 5 per cent to hit their highest trading permissible limit for the day on Wednesday, 24 August after the Adani group launched a bid to take over the media company.
The stock climbed 5 percent to Rs 384.50 - its upper circuit limit as well as 52-week high - on the Bombay Stock Exchange after beginning the trade on a positive note.
At thE National Stock Exchange (NSE), it jumped 4.99 percent to Rs 388.20 - its upper circuit limit as also the one-year peak.
The 30-share BSE Sensex was trading 70.29 points lower at 58,961.01 points.
In a move with the potential to change the media landscape, billionaire Gautam Adani has launched a hostile takeover of NDTV, first with an indirect acquisition of a 29.18 per cent stake in the broadcaster followed by an offer to buy out a further 26 per cent controlling stake.
The owners of NDTV, one of the nation's most popular news channels, said they were completely unaware of the takeover until Tuesday, and that it was done without their consent or any discussion.
(At The Quint, we are answerable only to our audience. Play an active role in shaping our journalism by becoming a member. Because the truth is worth it.)