Company issues statement that it has no association with Kalaignar TV.
The shares of Sun TV Network Ltd, which has a dominant presence in the four South Indian states, took a beating in the capital markets on Monday, forcing the company to come out with a clarification that it is not associated with Kalaignar TV, owned by the family of the Tamil Nadu Chief Minister, Mr M. Karunanidhi.

The market frenzy in the counter could be judged from the fact that on the NSE, 1.04 crore shares were traded on Monday, accounting for a staggering value of Rs 430.15 crore.

Among the 10 most actively traded securities on the NSE on Monday, Sun TV ranked second, next only to SBI which had a value of Rs 465.31 crore in turnover with 17.45 lakh shares being traded. Even Reliance, a perennial market favourite, came a distant sixth with a turnover value of Rs 309.06 crore on the NSE.

Initially, the company came out with a statement that Sun TV has not bought over or is associated in any manner whatsoever with any other regional south-based channel(s) or network(s). The company said that "all statements linking us to any such channel(s) or network(s) are baseless and false and without any truth."

The company noted that "there has been an unusual movement in our stock prices which is apparently based on rumours linking our channels to other unrelated channel(s)/network(s)."

It said it owned and operated only 20 channels in the four South Indian languages and mentioned the language channels concerned