India’s NDTV rises 5% as Adani unit looks to buy out

By Thomson Reuters Aug 23, 2022 | 11:55 PM

BENGALURU (Reuters) – Shares of India’s NDTV Ltd rose as much as 4.99% to their highest in 14 years, a day after billionaire Gautam Adani’s conglomerate said it seeks to control a majority stake in the television media company.

A unit of the Adani Group said it had used financial rights in a bid to purchase a 29.18% stake in NDTV. Hours after the announcement, NDTV issued a statement saying the move by the Adani Group “was executed without any input from, conversation with, or consent of the NDTV founders.”

Shares were last up 5% at 388.20 rupees ($4.86), their highest since August 2008.

($1 = 79.8380 Indian rupees)

(Reporting by Meenakshi Maidas in Bengaluru; Editing by Dhanya Ann Thoppil)