Concept:
Many ancient Indian scholars and historians are associated with famous literary and archaeological works.
Step 1: Match Panini correctly.
Panini is famous for writing:
\[
\text{Ashtadhyayi}
\]
Thus:
\[
A \rightarrow II
\]
Step 2: Match V. S. Sukthankar correctly.
V. S. Sukthankar is associated with the critical edition of:
\[
\text{Mahabharata}
\]
Thus:
\[
B \rightarrow I
\]
Step 3: Match Bharata correctly.
Bharata Muni authored:
\[
\text{Natyashastra}
\]
Thus:
\[
C \rightarrow III
\]
Step 4: Match Cunningham correctly.
Alexander Cunningham is associated with archaeological works including:
\[
\text{Stupa at Sarnath}
\]
Thus:
\[
D \rightarrow IV
\]
Step 5: Write the complete matching.
The correct matching is:
\[
A-II,\; B-I,\; C-III,\; D-IV
\]
Step 6: Conclusion.
Therefore, the correct answer is:
\[
\boxed{A\text{-}II,\; B\text{-}I,\; C\text{-}III,\; D\text{-}IV}
\]