NDTV hits 5% lower circuit for 4th session; stock down 22% from record high

Shares of NDTV hit the 5 per cent lower circuit in Friday’s trade, extending their losing streak to the fourth straight session.

Shares of broadcasting player NDTV declined 5 per cent to Rs 440.65 on BSE. The stock has fallen 22.4 per cent from the record high of Rs 567.85 in the last four days.

Adani Group's flagship firm Adani Enterprises, led by the world's third richest man Gautam Adani, holds about 29.18 per cent stake in the company and is eyeing a controlling stake in the media broadcaster.

In the last one year, the stock has rallied as much as 503 per cent, data suggests, whereas its return on a year-to-date basis stood at more than 285 per cent.

For the quarter ended June 30 2022, the company reported consolidated net sales of Rs 107.74 crore, up 26.75 per cent from the year-ago quarter's Rs 85 crore. The company reported a net profit of Rs 25.8 crore for the latest quarter.

Adani Group will launch its open offer on October 17 to acquire an additional 26 per cent stake in the media firm.

Adani group firms - Vishvapradhan Commercial (VCPL) along with AMG Media Networks and Adani Enterprises - have proposed to acquire an additional 26 per cent or 1.67 crore equity shares.