Mumbai: Shares of Sun TV plunged nearly 28 percent today following reports that the Home Ministry has struck down a proposal from the Information and Broadcasting Ministry to give security clearance to 33 television channels of the Kalanithi Maran-promoted firm.
The stock tumbled as much as 27.59 percent to Rs 258 -- its 52-week low on BSE.
On NSE, it nosedived 27.76 percent to hit its 1-year low of Rs 257.45.
The Home Ministry's move could lead to cancellation of the broadcasting licence of the TV channels.
The I&B Ministry has been informed about the decision of the Home Ministry, which is believed to have taken the stand due to pending criminal cases against Maran and his brother and former Union Minister Dayanidhi Maran, according to official sources.
The CBI probe pertains to the alleged allotment of 300 high-speed BSNL telephone lines to the residence of former Communications and Information Technology Minister Dayanidhi Maran in Chennai, which were extended to his brother's channel.
There are two other pending criminal probes against Sun TV Network and its owner Kalanithi Maran - the Aircel-Maxis case being probed by CBI and one of money laundering handled by the Enforcement Directorate.
