India's Sun TV falls on reports chairman receives legal notice from brother

Sun TV Network

20/06/2025 07:49

Updates share move in bullet 1, adds Sun TV statement in bullet 4 and volumes in bullet 6

** Shares of Indian broadcaster Sun TV Network SUTV.NS pare some of their initial losses, last down 1.7% at 602 rupees

** Local news outlets, including newspaper The Hindu, report Indian lawmaker Dayanidhi Maran has sent legal notice to Kalanithi Maran, his brother and chairman of Sun TV

** Notice alleges irregularities tied to Kalanithi's ownership in the company

** Statements in reports incorrect, misleading; matters alleged do not have any bearing on co's daily operations or business - Sun TV via exchange filing

** Dayanidhi Maran and Kalanithi Maran did not immediately respond to Reuters' requests for comment

** Trading vols 900k shares vs 30-day avg of ~197,000 shares

** YTD stock has lost 14%

(Reporting by Hritam Mukherjee and Sethuraman NR in Bengaluru)

((Hritam.Mukherjee@thomsonreuters.com;))