Sun TV stock slips due to CBI raid, pulled-back later in a day

Stocks

oi-Monika

By Monika Nihalani

Published: Monday, October 10, 2011, 16:55 [IST]

Sun TV stocks slipped to Rs 235.05 on the Bombay Stock Exchange (BSE) in initial part of the trade on news of raids by the Central Bureau of Investigation (CBI). CBI probed across the homes and offices of the Maran Brothers.

Sun TV Network is owned by Kalanidhi Maran, brother of the former Union Minister Dayanidhi Maran.

After registering the FIR against the Maran brothers, the CBI conducted an investigation on their premises in New Delhi, Chennai and Hyderabad.

According to NDTV, the complaint against Mr Maran was filed by C Sivasankaran, who was the former owner of Aircel. Mr Sivasankaran alleges that Mr Maran pressured him to sell his company to Mr Ananda Krishnan in 2005.

Mr Ananda Krishnan is known to be close to Mr Maran and his brother, Kalanidhi. The CBI says that after he bought Aircel, the entrepreneur invested crores of rupees in Kalanidhi Maran's company, Sun Networks, as reported by NDTV.

Reacting to the news, the stock of Sun TV opened at Rs 251.50 on BSE, low from its previous close of Rs 261.45, lost more than 10% in initial part of trade but stock recovered sharply later in a day. It closed 10.21% higher at Rs 288.15.

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