Maran family-owned broadcasting firm Sun TV tumbled by as much as 8 per cent in early trade on the bourses on Thursday after reports that the CBI is likely to question former Telecom Minister Dayanidhi Maran in connection with the 2G spectrum case.
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The stock opened at Rs 330, then declined further to a low of Rs 307.05, down 7.80 per cent vis-a-vis its previous close on the BSE.
A similar trend was seen on the National Stock Exchange, where after opening at Rs 310, the stock lost further ground and sunk to a low of Rs 305, down 8.50 per cent from its last close.
The stock was later trading at Rs 321.50, down 3.47 per cent on the BSE, and at Rs 321.60, down 3.52 per cent on the NSE.
The dip in the counter was significant as the broader market was trading in the positive territory, snapping a two-session losing streak. The Bombay Stock Exchange benchmark Sensex was trading over 225 points higher.
Marketmen said the decline in the stock was largely because of the news that the CBI is likely to question Maran in connection with alleged favours shown to by him in spectrum allocation to some telecom companies and the spectrum policy changes made during his tenure as Telecom Minister in the UPA-I government. There has also been speculation that Maran might be asked to resign as union minister.
The CBI is looking into the financial transactions of Sun TV, owned by the Maran family, and Malaysia-based Maxis. It is also looking into various aspects of the takeover of Aircel by Maxis Group.
-- With PTI inputs