Sun TV drops on reports panel rejects group's application to participate in FM radio auctions

Sun TV Network fell 2.18% to Rs 273.10 at 10:03 IST on BSE on reports that an inter-ministerial panel rejected the Sun TV Group's application to participate in the next-stage FM radio auctions.

Meanwhile, the S&P BSE Sensex was up 222.38 points or 0.8% at 28,155.28.

On BSE, so far 80,000 shares were traded in the counter as against average daily volume of 2.43 lakh shares in the past two weeks.

The stock hit a high of Rs 277 and a low of Rs 269.80 so far during the day. The stock had hit a 52-week low of Rs 258 on 8 June 2015. The stock had hit a 52-week high of Rs 469.90 on 21 July 2014.

According to reports, an inter-ministerial panel rejected the Sun Group's application to participate in the next-stage FM radio auctions. The decision to go ahead with the FM auction without the Sun Group has been made yesterday, 14 July 2015 at the Application Review Meeting consisting of representatives of various ministries, reports suggested.

It may be recalled that last month the Ministry of Home Affairs (MHA) had denied security clearance to the Sun TV Network's 33 TV channels, citing concerns over investigations by various government agencies against its promoters Kalanidhi and Dayanidhi Maran.

Sun TV Network's net profit rose 2.7% to Rs 202.99 crore on 5.5% growth in net sales to Rs 548.58 crore in Q4 March 2015 over Q4 March 2014.

Sun TV Network is engaged in producing and broadcasting satellite television and radio programs in India.

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