NDTV shares continue to rally for 5th day, hit upper circuit limit
Shares of NDTV continued to rally for the fifth day running on Wednesday, further climbing 5 per cent to hit its highest permissible trading limit for the day.
NDTV founders Prannoy Roy and his wife Radhika Roy have resigned as the directors of promoter group vehicle RRPR Holding Private Limited as the Adani Group neared takeover of the television channel.
The stock climbed 5 per cent to Rs 447.70 - its upper circuit limit -- on the BSE in morning trade.
At the NSE, it jumped 5 per cent to 446.30, its highest permissible trading limit for the day.
In five days, the stock has rallied 24.74 per cent.
RRPR, which has been acquired by the Adani Group, held 29.18 per cent stake in the news channel.
The Roys, however, still hold a 32.26 per cent stake in NDTV as promoters and have not resigned from the board of the news channel.
In a stock exchange filing late on Tuesday, New Delhi Television Ltd said the two have resigned as directors on the board of RRPR Holding Private Limited (RRPRH) with immediate effect.
Prannoy Roy is the Chairperson of NDTV and Radhika Roy is an Executive Director.
The board of RRPR Holding has approved the appointment of Sudipta Bhattacharya, Sanjay Pugalia and Senthil Sinniah Chengalvarayan as Directors on its board with immediate effect, NDTV said.