… reflected new light in story (4)
I believe the answer is:
yarn
'story' is the definition.
(synonyms)
'reflected new light' is the wordplay.
'reflected' is a reversal indicator (letters reflected back).
'new' becomes 'n' (common abbreviation eg NT for New Testament).
'light' becomes 'ray' (ray is a kind of light).
'n'+'ray'='nray'
'nray' back-to-front is 'YARN'.
'in' acts as a link.
(Other definitions for yarn that I've seen before include "Rambling tale" , "Spun thread; long story" , "Not fully credible story" , "that'll keep you in stitches?" , "Sort of tale" .)