NDTV tanks nearly 4% as CBI raids its founder Prannoy Roy

Shares of NDTV plunged nearly 3.8%, or Rs 2.45, to Rs 58.85 levels on the Bombay Stock Exchange (BSE) in late noon deals on Monday, on reports that the Central Bureau of Investigation (CBI) has registered a case against NDTV founder Prannoy Roy, his wife Radhika Roy and others for causing an alleged loss to ICICI Bank to the tune of Rs 48 crore.

Clarifying their stand, NDTV said that the raids were a witch-hunt and that the company intends to fight the allegations. 

"This morning, the CBI stepped up the concerted harassment of NDTV and its promoters based on the same old endless false accusations. NDTV and its promoters will fight tirelessly against this witch-hunt by multiple agencies. We will not succumb to these attempts to blatantly undermine democracy and free speech in India," NDTV said in a BSE filing. CLICK HERE FOR THE REPORT

Meanwhile, NDTV plans to take its business news channel, NDTV Profit, off air from today. NDTV Profit’s trading hours business programming has been transferred from Profit and will now feature as regular business and finance segments on NDTV 24x7, while Prime will continue as a channel, says the company’s website. CLICK HERE FOR MORE 
 

At 2:30pm, around 1.08 lakh shares had been traded on the BSE.  The stock touched a high of 62.55 and a low of 58.10 in trade thus far on the BSE.