Sun TV shares jump 20% after demerger reports, company dismisses sports business rumours
In a clarification to the stock exchanges, Sun TV Network said the news report suggesting a possible demerger of its sports division was a rumour and that it could not comment on market speculation
On Wednesday, Sun TV Network shares surged by 20% in their initial trading session, reaching a record high of ₹663.90 in its 52-week period. The company downplayed these reports, categorizing them as mere rumors. At 2:46 pm, the stock had climbed from ₹610, marking an increase of 10.26%. In response to the market speculation, Sun TV Network clarified to the stock exchanges that the news report proposing a potential demerger of its sports division was unfounded.
The company affirmed that it had complied with all required disclosures under SEBI Regulation 30. It also affirmed there were no material price-sensitive information or announcements that might impact its share price or trading volume. Rumors had floated around that Sun TV Network was planning to separate its Indian Premier League (IPL) business.
The network owns three cricket franchises: SunRisers Hyderabad in the Indian Premier League, SunRisers Eastern Cape in the T20 League of Cricket South Africa, and SunRisers Leeds Ltd. in The Hundred in the UK.
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