NDTV shares continue to rally for the fifth day, surge nearly 25%

The stock of NDTV continued to rally for the fifth day in a row on Wednesday, climbing 5 per cent to hit its highest permissible trading limit for the day on the BSE. This is the fourth straight day that the stock has hit the upper circuit, BSE data showed. In five days, the stock has rallied nearly 25 per cent. 

NDTV founders Prannoy Roy and Radhika Roy resigned as the directors of promoter group entity RRPR Holding on Tuesday, as the Adani Group nears takeover of the media company. The stock climbed 5 per cent to Rs 447.70 — its upper circuit limit – on the BSE on Wednesday.  

Since the launch of the open offer by the Adani group for an additional 26 per cent stake in NDTV on November 22, the stock price has increased by 19 per cent. RRPR Holding, which has been acquired by the Adani group, held 29.18 per cent in the media company. However, the Roys still hold 32.26 per cent in NDTV as promoters and have not resigned from the board of the company.