Sun TV Network has dipped 4% to Rs 342 on reports that the company won the Hyderabad franchise of the Indian Premier League (IPL) for higher price at Rs 85.05 crore per year.
“The IPL Governing Council met in Mumbai on Thursday to open the bids for the new IPL franchise and Sun TV was found to have the highest bid amount,” the PTI report suggests.
The Sun TV Network bid was substantially higher than the second bid of PVP Ventures, which was Rs 69.03 crore.
The stock opened at Rs 356 and hit a low of Rs 340 on the BSE. A combined 817,144 shares have changed hands on the counter so far on both the exchanges.