Shares of NDTV are on a roller-coaster ride. Prannoy and Radhika Roy-led media company’s stock rallied a whopping 74% for four sessions last week after the market regulator Securities and Exchange Board of India (SEBI) ordered Vishvapradhan Commercial (VCPL) to make an open offer. The stock had also received a boost after the Bombay High Court asked the Reserve Bank of India (RBI) to consider the compounding applications filed by NDTV in an alleged Foreign Exchange Management Act (FEMA) violation case. Compounding refers to the process of voluntarily admitting the contravention, pleading guilty and seeking redressal. The Sebi order coupled with Bombay HC directives sent the stock soaring on Monday hitting upper circuit at Rs.56.55 on the BSE. However, on Wednesday, the stock’s unprecedented rise was halted. NDTV’s shares were locked in a lower circuit after VCPL reportedly decided to appeal against the Sebi order.
Shares of NDTV had hit a nine-month high on prospects of selling them at ₹214 in an open offer
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