Sun TV Shares Fall As High Court Cancels Dayanidhi Maran's Bail Plea

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Shares in Sun TV fell a huge 4 per cent today after the Madras High Court canceled Dayanidhi Maran's interim anticipatory bail in the telephone exchange case.

Sun TV Shares Fall As High Court Cancels Dayanidhi Maran's Bail Plea
Sun TV Network: Quotes, News
BSE 809.50BSE Quote4.5 (0.56%)
NSE 810.00NSE Quote5.65 (0.70%)
The stock was last trading at Rs 329, down 4 per cent over Monday's close. Shares of Sun TV have remained volatile in the last one month as the government had decided not to renew the company's license.

The Home Ministry had struck down an Information and Broadcasting Ministry's proposal for giving security clearance to 33 television channels of Kalanithi Maran-promoted Sun TV Network, a move that could lead to cancellation of their broadcasting licence.

The decision of the Home Ministry was believed to have been influenced by pending criminal cases against Mr. Maran and his brother and former Union Minister Dayanidhi Maran.

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