Adani's NDTV to be placed under short-term ASM framework by BSE, NSE from May 30

Leading stock exchanges BSE and NSE on Monday said that they will place the securities of NDTV, an Adani Group company, under the short-term ASM framework from Tuesday.

The criterias for shortlisting securities under ASM include high-low variation, client concentration, number of price band hits, close-to-close price variation and price-earning ratio.

The National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) announced in separate circulars that New Delhi Television Ltd (NDTV) has been shortlisted in the short-term Additional Surveillance Measure (ASM) framework Stage-I, which will take effect on May 30.

This development from stock exchanges came after they placed Adani Enterprises' flagship firm under the short-term ASM framework on May 25.

Last week, BSE and NSE removed NDTV from the long-term ASM framework.

On Monday, NDTV stock jumped 5 per cent on BSE and NSE. US short-seller Hindenburg Research in its January 24 report levelled allegations of fraud and stock manipulation against the Adani group. However, a Supreme Court-appointed panel found no evidence of stock price manipulation in the group companies.

NDTV on May 18 said that it is planning to unveil nine news channels in different Indian languages in phases.

In a regulatory filing, NDTV said that the company’s board "approved a proposal to seek the permission of the Ministry of Information & Broadcasting for the launch of nine news channels in different Indian languages in phases.”

The company said that it will soon notify stock exchanges of the launch date of the channels after receiving authorisation from the Ministry of Information and Broadcasting.

In December 2022, Adani Group had acquired the controlling stake of NDTV founders -- Prannoy Roy and Radhika Roy -- at a premium of almost 17 per cent over the rate it had paid to minority shareholders of the firm.

AMG Media Networks Ltd (AMNL), through its indirect subsidiary RRPR Holding Private Limited, had acquired a 27.26 per cent stake in NDTV, resulting in a controlling stake of 64.71 per cent in NDTV by AMNL through its subsidiaries.

The revenue of NDTV for the fiscal year ending March 31, 2023 was Rs 220.65 crore. Earlier this month, NDTV in its earnings statement for FY23 had said: "The new management and board are taking steps to invest in content, marketing, and distribution initiatives, to create a strong foundation for long-term growth and scale-up its presence across segments."

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