Sun TV under dark clouds

Sun TV continues to remain eclipsed. Currently the second top loser on the BSE, it is down 4% at Rs.320 with an intra day low of Rs.311.95. Its 52-week low stands at Rs.258.

In the ongoing battle between the Sun group and Ministry of Home Affairs (MHA), the PMO’s office has decided to take the MHA side and that seems to have aggravated the case further for the group.

The MHA has not been granting security clearance as it has stated that its promoters were facing serious corruption charges in many cases under investigation. It has listed out three prominent ones, the Aircel-Maxis corruption deal, money laundering case against the promoters, Marans and the case of operating an illegal telephone exchange. Over 300 telephone lines were found at Maran’s house to enable data transfer benefitting Sun TV group owned by his brother Kalanidhi Maran.