Stocks

Network 18 shares jump on talk Mukesh Ambani may buy stake

Our Bureaus Chennai/Mumbai | Updated on December 20, 2011

The stock of Network18 Media shot up 20 per cent in early trade to Rs 43.35 on the BSE with higher volumes on media reports of stake sale talk. A Wall Street Journal report quoting people familiar with the situation, said that Mr Mukesh Ambani, Chairman of Reliance Industries, is interested in talks to buy Network 18.

When contacted, an Reliance Industries official denied the contents of the report, including the mention that there have been negotiations.

The stock shed most of the gains to settle the day at Rs 37.7, a gain of 4.3 per cent over the previous day's close after the company denied it as rumours. Trading volumes stood at 5.82 lakh shares against its two-week average of 19,000 shares.

Network18 clarified to the BSE that "currently the company has not concluded any agreement in connection with any proposed investment."

At the end of September, promoters held 58.53 per cent stake in the company.

Published on December 20, 2011

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