Sun TV Shares Crash 28% To 52-week Low
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Shares in Sun TV, promoted by billionaire Kalanithi Maran, crashed as much as 28 per cent on Monday (8 June) amid concerns that the broadcast major may have to take off its 33 channels off air as the Ministry of Home Affairs has reportedly declined to give the company a security clearance.
The stock tumbled as much as 27.59 per cent to Rs 258 -- its 52-week low on BSE. On NSE, it nosedived 27.76 per cent to hit its 1-year low of Rs 257.45.
According to Press Trust of India, the home ministry struck down a proposal by the information and broadcasting ministry for giving security clearance to 33 television channels of Sun TV Network. The decision was taken because of pending criminal cases against Mr Maran and his brother and former Union Minister Dayanidhi Maran. (Read also: Home Ministry Hits Kalanithi Maran's Sun Media Group) .
However, Sun TV Network said: "We wish to state that no communication has been received by the Company from any Ministry and all our Channels continue to be on air".
The I&B Ministry has been informed about the decision of the Home Ministry, which is believed to have taken the stand due to pending criminal cases against Maran and his brother and former Union Minister Dayanidhi Maran, according to official sources.
The CBI probe pertains to the alleged allotment of 300 high-speed BSNL telephone lines to the residence of former Communications and Information Technology Minister Dayanidhi Maran in Chennai, which were extended to his brother's channel.
There are two other pending criminal probes against Sun TV Network and its owner Kalanithi Maran - the Aircel-Maxis case being probed by CBI and one of money laundering handled by the Enforcement Directorate.