NDTV stock locked in upper circuit after report says Ajay Singh buys majority stake in media firm

The NDTV stock on Friday hit the upper circuit of 53.10 after a media report said that SpiceJet owner Ajay Singh has bought majority stake in the news channel.

The stock, which closed at 50.60 level  yesterday, started off by hitting the upper circuit today.

At 11:17 am, the stock was stuck in upper circuit after rising nearly 5 percent on the BSE.

The stock hit a 52-week high of 92.20 on September 23, 2016 and a 52-week low of 33.50 on August 9, 2017.

The stock is down 24.5 percent since the beginning of this year. On an yearly basis, the stock  has fallen 39.74 percent.

For the quarter ended June 30, 2017, NDTV reported a net loss of Rs 22.01 crore against net loss of Rs 44.55 crore in the corresponding quarter last year.

An Indian Express Report, quoted a source which told the newspaper that the deal has been finalised and Ajay Singh will take control of NDTV along with editorial rights.

Ajay Singh, chairman of SpiceJet, credited with the turnaround of the ailing airline, will have a controlling stake in NDTV of around 40 per cent and the promoters Prannoy Roy and Radhika Roy will own about 20 per cent of the media firm.

Singh will also will also pick up NDTV's debt of over Rs 400 crore and the total deal is valued at around Rs 600 crore, the report said. Prannoy Roy and his wife Radhika Roy founded NDTV in 1988.