Shares of Sun TV Network witnessed selling pressure today, falling over 3 per cent, on concerns related to security clearance to its 33 channels.
The stock lost 3.41 per cent to Rs 321.95 at close on BSE. In intra-day session, it plunged 6.4 per cent to Rs 311.95.
At the NSE, shares of Sun TV declined by 3.34 per cent to Rs 322.
The company's market value dipped Rs 446.45 crore to Rs 12,687.55 crore.
"Sun TV plunged on reports that Prime Minister's Office has weighed in on the tussle between MHA and MIB over security clearance to 33 channels of Sun TV group," said Hiren Dhakan, Associate Fund manager, Bonanza Portfolio Ltd.
According to media reports, the PMO has found more merit in the Home Ministry's decision to deny the broadcaster security clearance for its 33 channels.
Meanwhile, Attorney General (AG) Mukul Rohatgi has supported grant of security clearance to 33 channels of the Kalanithi Maran-promoted firm.
The AG has supported grant of security clearance, saying the corruption cases being investigated against the network's promoter cannot be the ground to deny permission.
The AG was approached by the Information and Broadcasting Ministry to seek the opinion after the Home Ministry denied security clearance to the network.
The I&B Ministry issues broadcasting licences for which companies require a security nod from MHA.
The ministry had earlier been informed about the decision of the Home Ministry denying security clearance to the TV network, which is believed to have been influenced by pending corruption cases against Maran and his brother, former Union Minister Dayanidhi Maran.
