Sun TV Network extends decline on heavy volumes

The stock dipped nearly 15% to Rs 275, extending its previous day's 2% fall on the NSE.

Shares of Sun TV Network dipped nearly 15% to Rs 275, extending their previous day’s 2% decline on the NSE on the back of heavy volumes after media reports suggested that the Union home ministry was not in favour of reviewing its decision to block the broadcasting licence of the company.

The Prime Minister's Office (PMO) is likely to have found merit in the ministry of home affairs (MHA) argument on denial of security clearance to Sun TV's 33 channels. CLICK HERE TO READ FULL REPORT.

The trading volumes on the counter more than doubled, with a combined 7.24 million shares changing hands on the NSE and BSE so far.

At 1100 hours, the stock was down 8.7% at Rs 294 compared to a 0.26% rise in the CNX Nifty.