Sun TV recovers sharply after 10% dip on BSE

MUMBAI: After plunging nearly 10 per cent intra-day on BSE, Sun TV recovered sharply to settle with 2 per cent gain amid reports that the Chennai police has granted more time to its founder Kalanithi Maran for appearing before it in a cheating and intimidation case.

Sun TV shares tanked 9.73 per cent during the day to hit a month's low of Rs 277.65 on the Bombay Stock Exchange on reports that Kalanithi, Sun Network CMD and brother of former union minister Dayanidhi Maran, was summoned by police today on a complaint by a film distributor.

He has accused Sun Pictures of cheating him of Rs 83 lakh and alleged that he was threatened when he sought the return of his money.

Maran's counsel sought time, saying his client was out of station and would return only on July 26.

The stock recovered the lost ground and settled 2.03 per cent higher at Rs 313.85 after he was granted more time to appear before the police.

On the National Stock Exchange, the stock slipped by 7.53 per cent to hit a low of Rs 283.60 during intra-day. Later, the scrip pared much of the initial losses and ended at Rs 317.05, up 3.37 per cent.

Meanwhile, both the broader market indices, the Sensex and Nifty ended the day in positive territory. The Bombay Stock Exchange 30-share Sensex settled 184.40 points higher at 18,596.02, while NSE's 50-share Nifty ended at 5,585.45, up 59.30 points.