Sun TV shares fall after CBI raids Maran Brothers

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New Delhi, Oct 10: Sun TV Network stocks tanked by 7 percent on Bombay Stock Exchange (BSE) in early trade following media reports of raids by Central Bureau of Investigation (CBI) at the residence and offices of former Union Textile Minister Dayanidhi Maran and his brother Kalanidhi Maran in early morning on Monday, Oct 10. The Sun Network is owned by Dayanidhi Maran's brother Kalanithi Maran.

Meanwhile, the raids were also conducted in New Delhi, Hyderabad and Chennai. The CBI also registered a first information report (FIR) against Dayanidhi and Kalanidhi Maran.

However, the Sun Network made a miraculous recovery from the day's loss. At 1056 hours, Sun TV was trading 1.5 per cent lower on the BSE.

The Apollo Hospital Enterprise stocks also tanked by 3 percent after CBI raided the residence of Suneeta Reddy, who is the Deputy Managing Director of the Apollo Group. Suneeta Reddy has a stake of 26 percent in telecom major Aircel but her name was not included in the FIR filed by CBI.

The former textile minister is being investigated by CBI for allegedly forcing the former owner of Aircel to sell his company to T Ananda Krishnan, an industrialist from Malaysia when he was the Union Telecom Minister. T Ananda Krishnan is known to be close to Dayanidhi and Kalanidhi Maran. The CBI claimed that after he bought Aircel, the entrepreneur invested crores of rupees in Kalanidhi Maran owned company, Sun Networks.

Earlier, on May, 2011 Dayanidhi Maran was forced to step down as Union Textile Minister over allegedly misusing his office when he was Telecom Minister.

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