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‘Factually incorrect’: Adani Group responds to reports on NDTV buyout

‘Factually incorrect’: Adani Group responds to reports on NDTV buyout

"We would like to submit that there is no such development and therefore, the abovementioned news item is factually incorrect," said the group

Adani Group issues clarification on NDTV buyout reports Adani Group issues clarification on NDTV buyout reports

Adani Group has, in a clarification to BSE, stated that reports of its possible buyout of media house NDTV, are ‘factually incorrect’. It said that there is no information or announcement to be made on the same.

“This is in response to the clarification sought with reference to the subject mentioned news item. We would like to submit that there is no such development and therefore, the abovementioned news item is factually incorrect. We are unable to comment on media speculation or rumours and it would be inappropriate on our part to do so,” stated the group. It added that fluctuation in share price of the company is market driven.

NDTV had also issued a clarification a couple of days ago. In a filing, the media house clarified that founder-promoters Radhika and Prannoy Roy “are not in discussions now, nor have been, with any entity for a change in ownership or divestment of their stake in NDTV. They individually and through their company, RRPR Holding Private Limited, continue to hold 61.45% of the total paid-up share capital of NDTV". It added that NDTV has no information on why there was a sudden surge in the stock price.

NDTV’s shares rallied on Monday to hit a 10 per cent upper circuit on speculations that Adani Group may acquire the company. Reports suggested that Adani was looking to acquire a Delhi-based media house and it could be NDTV. Speculations were rife after Adani Enterprises inducted veteran journalist Sanjay Pugalia as CEO and Editor-in-Chief of its media initiatives.

Even with NDTV’s clarifications, the shares were locked in the upper circuit for two days.

However, shares of NDTV were locked in 5 per cent lower circuit on BSE on Friday. Market cap of the company fell to Rs 619.57 crore. Shares of Adani Enterprises, on the other hand, opened 0.8 per cent higher at Rs 1,486.00 against the previous close of Rs 1,474.10. However, the stock declined 0.5 per cent to hit an intraday low of Rs 1,466.35 on BSE.

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