Sun TV drops 4% on fresh development on money laundering case

NEW DELHI: Shares of Sun TV tumbled over 4 per cent in Tuesday's trade after the Enforcement Directorate (ED) alleged that former telecom minister Dayanidhi Maran, brother of Sun TV's Chairman & MD Kalanithi Maran, obtained illegal gratification of Rs 742.58 crore and parked the money ín the latter's firms.

The ED claimed there were sufficient prima facie material to proceed against the former telecom minister and other accused in the Aircel-Maxis deal related to the money laundering case.
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Following the development, the scrip fell 4.37 per cent to hit a low of Rs 359.65 on BSE. At the prevailing price, the stock was trading 40 per cent higher from its 52-week low of Rs 256.05 hit on July 22, 2015.

Brokerage Angel Broking has a neutral rating on the stock. The scrip had witnessed 79.77 per cent rollover to the February F&O series, compared with a three-month average of 86.50 per cent.

Besides Dayanidhi, ED has named Kalanithi Maran, his wife Kavery Kalanithi, K Shanmugam, Managing Director of M/s South Asia FM SAFL), and two — M/s Sun Direct TV SDTPL) and SAFL — as accused in the case filed under the provisions of the Prevention of Money Laundering PMLA), PTI reported.