Mumbai, June 8: Shares of Sun TV Network today crashed nearly 22 per cent on reports that the home ministry had turned down a proposal to give security clearances to its television channels. The move could lead to a cancellation of their broadcasting licences and these channels could go off-air.

On the Bombay Stock Exchange, the stock plunged to an intra-day low of Rs 258 before closing at Rs 278.90, a sharp loss of Rs 77.45, or 21.73 per cent.

However, Sun TV told the stock exchanges that it had not received any communication from any ministry and "all our channels continue to be on air''.

Reports had earlier said that the home ministry had struck down a proposal to give security clearance to 33 television channels of the Kalanithi Maran-promoted company.

PTI had reported that the information and broadcasting ministry has been informed about the decision of the home ministry, which was believed to have been influenced by pending criminal cases against Maran and his brother and former Union minister Dayanidhi Maran.

The Maran brothers are facing a CBI probe over the alleged allotment of 300 high-speed Bharat Sanchar Nigam Ltd telephone lines to the residence of former communications and information technology minister Dayanidhi Maran in Chennai, which were extended to his brother's channel.

There are two other pending criminal probes against Sun TV Network and its owner Kalanithi Maran - CBI's Aircel-Maxis case and an enforcement directorate case of money laundering.