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SUN TV Shares Fall On Rejection of Application To Participate in Radio Auction
Shares in SUN TV fell almost 3 per cent after reports that the company's application maybe rejected to participate in the next stage of radio auctions.
The shares were last trading at Rs 273 on the NSE, down almost 3 per cent. The Economic Times reported that the inter ministerial group has rejected the SUN TV application for radio auctions, after the Home Ministry had denied clearance to the company's 33 TV channels.
The FM auction itself could be delayed if SUN TV decides to approach the Court regarding the auctions.
For the last one month the shares of SUN TV have seen a dramatic fall after reports surfaced that the company's broadcast license may not be approved by the Ministry of Home Affairs.
The decision to deny security clearance to Sun TV was based on three cases against the owners.
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