Sun TV buys Deccan Chargers; shares drop

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Sun TV buys Deccan Chargers; shares drop
Sun TV Network: Quotes, News
BSE 532.00BSE Quote5.75 (1.08%)
NSE 531.80NSE Quote5.5 (1.03%)
PVP Ventures: Quotes, News
BSE 4.80BSE Quote0.13 (2.71%)
NSE 4.80NSE Quote0.15 (3.12%)
Shares of the Sun TV Network reacted after the company won the Hyderabad franchise of the Indian Premier League as markets were unimpressed with the buyout.

The shares of the company dropped 4% to Rs 342 on BSE at 2.20 pm IST. It touched an intra-day low of Rs 339.

Sun TV will have to pay Rs 85.05 crore per year to the Board of Control for Cricket in India (BCCI) for the Hyderabad IPL franchise.

"This Franchise fee represents a premium of over a 100 % above the amount paid by DCHL for the Hyderabad Franchise in 2008", the BCCI said in a media release.

The SUN TV Network bid was considerably higher than the second bid of PVP Ventures, which was 69.03 crores.

While, the shares of the PVP Ventures surged 5% even though it lost the bid.

Read more about: sun tv, deccan
Story first published: Thursday, October 25, 2012, 14:33 [IST]
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