Shares of Sun TV Network today fell by 3.5 per cent , extending downfall for the sixth straight session, after the Union Home Ministry clarified last week that it will not give security clearance to the Kalanithi Maran-owned company.
The stock ended at Rs 280.05 , down 3.45 per cent from its previous close at the BSE. During the day, it fell by 5.51 per cent to Rs 274.05.
At the NSE, shares of the company went down by 3.24 per cent to Rs 280.
The company's market value fell by Rs 393.66 crore to Rs 11,036.34 crore.
In six trading sessions, the stock has fallen by 16 per cent.
Notwithstanding objections from Information and Broadcasting Ministry, Union Home Ministry on Saturday made it clear that it will not give security clearance to Sun television network, alleging that many rules had been violated by the owners. The network runs 33 channels, and FM radio stations in South India.
The stand is clear and there is no provision under the law for granting security clearance to the TV network , no matter whatever opinion was being held, senior Home Ministry officials said.
Meanwhile, the government today said that a final decision on the matter will be taken "collectively" even as reports suggested that the two key concerned ministries had taken diverging views on the issue.
Meanwhile, in the broader market, the 30-share key index Sensex ended at 27,645.15, down 166.69 points.
