Sun TV Network hits 52-week low

Sun TV Network slipped to a 52-week low of Rs 311.75 in morning deals on account of slowing advertising revenues, increasing competition and overhang of the CBI charge-sheet against the company's promoter. However, the stock swiftly recovered and was trading at Rs 315, down 3.3% at 1040 hrs.

The key growth metric for Sun TV is its advertising business, which accounts for half of its revenues. However, the growth in this pocket has been volatile which has been an overhang for the scrip.

For the day, opened at Rs 324 and briefly edged higher to the levels of Rs 328. However, the up move was not sustained and selling pressure in the counter dragged the scrip to its 52-week low.

On the volume front, a spurt of over 1.2 times was seen on the BSE. A combined over three lakh shares changed hands on NSE and BSE.