Shares of New Delhi Television (NDTV) continued losing streak for the third straight session, hitting 5% lower circuit on Monday as investors resorted to profit booking after strong rally in the recent past. The share price of the media firm has fallen 12.5% in the last three trading days after surging 24.5% in the previous five sessions as open offer bid by billionaire Gautam Adani-led Adani group began on November 22. The Adani Group's open offer, which closes today, has witnessed a subscription of nearly 32% so far as it received nearly 53.28 lakh subscriptions of NDTV shares against total offered size of over 1.67 crore equity shares. The floor price for the offer is ₹294 per equity share, a discount of 29% against current market price of ₹414.

On Monday, NDTV share price opened a tad lower at ₹413, against Friday’s closing price of ₹414.4 on the BSE. Extending early losses, the stock declined as much as 5% to hit an intraday low of ₹393.7 during the day’s trade so far. On the volume front, 0.34 lakh shares changed hands over the counter as compared to the two-week average volume of 0.59 lakh stocks, while market capitalisation (m-cap) dropped to ₹2,538 crore. In comparison, the 30-share Sensex was trading flat at 62,863 levels, undermining firm cues from global peers.

The NDTV stock has had a strong run on the domestic bourses in the last one year, zooming 370% from its 52-week low of ₹83 on December 6, 2021. The smallcap stock has risen nearly 162% in the past six months and 11% in a month. The stock hit an all-time high of ₹567.85 on September 6, 2022, after Adani Group's flagship firm Adani Enterprises acquired about 29.18% stake in the media broadcaster company. Besides, the Adani Group has also launched an open offer to acquire an additional 26% stake in NDTV at a price ₹294 per share, which closes today.

Last week, NDTV founders Prannoy Roy and Radhika Roy resigned as directors on the board of the promoter's holding company, RRPR Holding Private Ltd. The board of RRPR Holding has also approved the appointment of Sudipta Bhattacharya, the chief technology officer of Adani group; Sanjay Pugalia, CEO of Adani's AMG Media Network; and journalist Senthil Sinniah Chengalvarayan as Directors on its board.

NDTV, which operates three national news channels namely NDTV 24x7, NDTV India and NDTV Profit, recorded a revenue of ₹421 crore with an EBITDA of ₹123 crore and net profit of ₹85 crore in FY22.

Earlier this year, the Adani group announced entry into the media business by acquiring a 49% stake in digital news outlet Quintillion Business Media Pvt. Ltd., the publisher of business news website BQPrime, through its subsidiary, AMG Media Networks.

The port-to-energy conglomerate has a total market capitalisation of over ₹22 lakh crore, which includes seven publicly listed companies. Established in 1988 as a commodity trading business by Gautam Adani, the group has expanded rapidly across key business verticals such as energy, utilities, and transportation by listing seven entities, namely Adani Enterprises (AEL), Adani Green Energy (AGEL), Adani Ports and Special Economic Zone (APSEZ), Adani Power, Adani Total Gas, Adani Transmission, and Adani Wilmar.

Follow us on Facebook, Twitter, YouTube & Instagram to never miss an update from Fortune India. To buy a copy, visit Amazon.