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Sun TV Network shares jump on reports of IPL demerger
The stock rose to an intraday high of ₹663.90 and is up nearly 16% from the previous close of ₹553.25, as traders price in a potential split of its IPL business.
Sun TV Network shares rallied in Wednesday trading after reports circulated that the company may demerge its IPL business, according to LiveMint Markets.
The stock opened with a gap up near ₹555 on the NSE, climbed to an intraday high of ₹663.90, and set a new 52-week high, with shares last trading around ₹650.
LiveMint Markets reports that the jump reflects market pricing of the demerger speculation, despite the company not making an official announcement yet.
Experts cited by LiveMint Markets said that if an official demerger announcement comes, the shares could rise to as high as ₹850 apiece in the near term.