Sun TV Network shares surge on report of possible demerger of cricket franchise assets
SUTV shares rose as much as 20% to a 17-month high of 663.90 rupees, after a CNBC Awaaz report said the company is considering a potential demerger of its cricket franchise assets; Sun TV said the news item was a rumour and it cannot comment on market rumours.
9%. The stock was on track for an eighth straight session of gains and, if those gains held, its biggest one-day percentage rise in a year. A CNBC Awaaz report said the media company was looking at a potential demerger of its cricket franchise assets. Sun TV owns SunRisers Hyderabad in the Indian Premier League (IPL), SunRisers Eastern Cape in Cricket South Africa's T20 League and SunRisers Leeds in The Hundred in the UK.
In a statement, Sun TV said the report was a rumour and the company could not comment on market rumours. The stock was up 5% year to date.