Sun TV slips on CBI raid reports; stock down 10%

NEW DELHI: Shares of Sun TV Network plunged almost 10% to touch their day's low of Rs 235.05 on Monday in opening deals on reports that the Central Bureau of Investigation ( CBI) filed an FIR against former telecom minister Dayanidhi Maran, his brother Kalanidhi Maran and two others in connection with the controversial Aircel-Maxis deal.

According to reports, the CBI raided the residences and offices of the Marans in Chennai, Delhi and Hyderabad. Dayanidhi's brother Kalanidhi is the promoter of the Sun TV network.

There have also been raids at the premises of Suneeta Reddy of the Apollo group, though she has not been named in the FIR. Reddy holds 26 per cent stake in Maxis. Apollo Hospitals Enterprises stocks were down nearly 1.5 per cent on the BSE.

At 09:58 a.m., shares of the company were trading 6.7% lower at Rs 243.95 on the Bombay stock Exchange.