Shares of Sun TV Network surged as much as 25.77 per cent to an all time high of Rs 698.65 on the BSE.
The stock ended 23.92 per cent or Rs 132 higher at Rs 683.85 on the BSE.
A special CBI court on Thursday dropped all charges against former telecom minister Dayanidhi Maran and Sun TV promoter Kalanithi Maran in Aircel-Maxis case.
The case was related to allegations that Dayanidhi Maran and his brother Kalanithi Maran coerced Aircel owner S Sivasankaran to sell his stake in Aircel to Malaysia's Maxis.
Kalanithi Maran owned 75 per cent stake in Sun TV as of December 31, 2016.
More than 8.8 million shares were traded, nearly six times the 30-day moving average.
As of Thursday's close, the stock is up 12 per cent so far this year.