Stocks

Sun TV stock spurts as Attorney General okays security clearance

R Yegya Narayanan Coimbatore | Updated on January 24, 2018

Shares of Sun TV Network are up close to 10 per cent after media reports said that the Attorney General has given approval for security clearance to Sun TV.

But a final decision on the issue has to be taken by the Government of India.

Media reports said that the Attorney General has said that the Home Ministry's denial of security clearance to Sun TV was "incorrect''.

The stock has been hammered after the reports broke out of denial of clearance to Sun TV by the Home Affairs Ministry and it dipped to a 52-week low of Rs 257.45 on the NSE on June 8. The stock had hit a 52-week high of Rs 477 on July 8 last year on the exchange.

It remained to be seen what stance the Centre or the I& B Ministry take on the issue. But the media reports that the AG had given his opinion that was against the denial of security clearance to Sun TV cheered the stock which gained 9.14 per cent or Rs 28.30 to go up to Rs 337.80 on the exchange.

The stock had opened at Rs 312 on the exchange but zoomed to a high of Rs 342.20 before paring some of the gains.

Firebrand BJP leader Subramanian Swamy tweeted `Shocking that after Home Minister declines security clearance to Sun TV the AG gives a contrary opinion to I&B !!! Time for me to go to SC.’

Published on June 19, 2015

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