Sun TV denies reports of stake sale to Reliance India Limited

CHENNAI: Regional language broadcaster Sun TV Network on Friday denied media reports which said Mukesh Ambani-controlled Reliance Industries was eyeing a takeover of Sun TV. A media website quoting sources reported that senior RIL officials were in Chennai to work out a deal with Kalanithi Maran, chairman of Sun TV Network.

"There is absolutely no truth in the news report that Sun TV is considering a stake sale," S L Narayanan, group CFO of Sun Group, said in a statement.

Sun TV shares opened high at Rs 437 on Friday on the BSE but ended at Rs 428 — 2% lower than the previous close after the denial from the company. Sun TV, in which Maran and family own 75%, has a market capitalization of Rs 16,870 crore at current prices.