Sun TV stock down as COO held for fraud

MUMBAI: Sun TV COO Hansraj Saxena , a close aide of the company's MD Kalanithi Maran , has been arrested by Chennai city police in connection with an alleged fraud in purchasing the telecast rights of a Tamil film.

Police sources said Saxena had just flown back to the city from Hyderabad when a police team picked him up at the airport. "We have arrested him based on a complaint about not paying the producers of Theeratha Vilayattu Pillai," a senior city police official said. "An amount of Rs 90 lakh was due to the producers."

Shares of Sun TV Network were at Rs 345.50, down 3.65 per cent on the NSE. It touched a high of Rs 360 and low of Rs 336 in trade so far.