NDTV Limited has issued a statement in response to the media reports speculating about the New Delhi-based news media company’s future.

The company’s shares were flying high on Monday amid rumours that the media company might be out looking for  potential buyers in the market.

This came along with unverified reports suggesting Adani Group, that is looking to enter the Indian media market through acquisition, is looking to set base in Delhi and NDTV might be a potential candidate.

“NDTV Limited is not in discussions now, nor has been, with any entity for a change in ownership or a divestment of any sort. Founder-promoters, Radhika and Prannoy Roy, who are both journalists, own 61.45 percent of the Company and remain in control of it,” NDTV’s statement read.

The company shares on BSE spiked in the morning hours of trade to hit the 10 per cent circuit levels. 

On BSE the stock traded at Rs 79.65, up 9.94 per cent as of around 1 pm.

NDTV said the company had “no information” that could explain a sudden surge in the stock price.

Taking aim at the ongoing rumours linking the company with the Adani Group, NDTV said “regarding ‘news reports’ on this, NDTV cannot control unsubstantiated rumours, nor does it participate in baseless speculation.”

“The Company is known for exemplary corporate governance and continues to abide by all legal and regulatory requirements for disclosure,” the statement from NDTV read.