Sun TV jumps 8% on NSE

Extending its gains on the bourses, shares of Sun TV Network, jumped by nearly 8% on the National Stock Exchange (NSE) today, after the company denied any involvement in the 2G scam.

Media conglomerate Sun TV settled 7.20% higher at Rs 303.85 on the Bombay Stock Exchange (BSE). In intra-day, the stock spurted by 7.93% to touch a high of Rs 305.95.

In the previous session, the stock settled with 4.17% gains.

In a similar fashion, the scrip zoomed up by 7.96% to close at Rs 306.35 on the NSE.

On the volume front, over 1 crore shares of the company changed hands on the bourses during the day.

On Friday, the broadcasting firm denied any involvement in the 2G scam and said allegations were being levelled to harm the reputation of the company and its promoters.

"There has been a steep fall in the prices of the company's shares possibly triggered by baseless allegations and rumours linking the company with certain happenings relating to the 2G scam," Sun TV has said.

"We wish to inform that Sun TV Network and Kalanithi Maran do not have any relationship whatsoever to any of these happenings," it added.

In the previous week, the stock slipped to its one-year low level, in the wake of media reports that Maran family-owned Sun TV was a beneficiary of pay-offs by an overseas telecom firm.

Meanwhile, the BSE benchmark index Sensex settled at 18,420.11, up 43.63 points.