NDTV shares tank nearly 7% after CBI searches

New Delhi, June 5

Shares of NDTV on Monday tanked nearly 7 per cent in intra-day after the CBI carried out searches at the residence of its founder Prannoy Roy for allegedly concealing a share transaction from Sebi and causing loss to a private bank.

The stock plunged 6.74 per cent to Rs 58.10 -- its 52- week low -- on BSE during the day. Later, it trimmed some of the losses and ended at Rs 60.45, down 2.97 per cent.

On NSE, shares of the company tumbled 6.88 per cent to Rs 58.15 in intra-day and finally closed at Rs 59.85, down 4.16 per cent.

On the volume front, 1.20 lakh shares of the company were traded on BSE and over 10 lakh shares changed hands on NSE during the day.

The CBI has registered a case against RRPR Holding Pvt Limited, Pranoy Roy, his wife Radhika and unidentified officials of ICICI Bank of criminal conspiracy, cheating and corruption.

The FIR said that a loss of Rs 48 crore was caused to ICICI Bank and consequent gain by RRPR.

NDTV in a statement said, "This morning, the CBI stepped up the concerted harassment of NDTV and its promoters based on the same old endless false accusations."

It said NDTV and its promoters would fight tirelessly against this witch-hunt by multiple agencies. PTI