Sun TV shares sink 10% after CBI arrests Maran's aide
Shares of Sun TV Network plunged nearly 10 per cent today on massive selling by investors after the CBI arrested former Telecom Minister Dayanidhi Maran's close aide and two others in illegal telephone exchange case. Sun TV Network's stock tanked 9.54 per cent to Rs 372.70 at the BSE. On the NSE, it crashed 9.89 per cent to Rs 371.55.
Later the stock made some recovery but was still trading with losses, down 6.22 per cent at Rs 386.40 on the BSE at 1200 hrs. The CBI last night arrested three people, including V Gowthaman, who was then Maran's additional private secretary, in connection with alleged allotment of more than 300 high-speed telephone lines to the then Telecom Minister's residence in Chennai which were extended to his brother's TV channel Sun TV.
Besides Gowthaman, the CBI arrested Chief Technical Officer S Kannan and electrcian L S Ravi of Sun TV network, the agency had said. The CBI alleged that nearly 323 residential lines were allegedly allotted in the name of the BSNL General Manager connecting the Boat House residence of Maran with the office of Sun TV through a dedicated underground cable.
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