The shares of Kalanithi Maran-promoted Sun TV slumped 28 per cent today, their steepest fall since listing, after media reports said the founder’s younger brother, Union textiles minister Dayanidhi Maran, would be questioned over his alleged role in the 2G spectrum allocation scam.
The Sun TV stock, which opened at Rs 362 on the Bombay Stock Exchange (BSE), fell to as low as Rs 260.10 during the day. It closed at Rs 272.10. It was the top loser on BSE.
Media reports suggested the Central Bureau of Investigation (CBI) had started a “preliminary investigation” against Dayanidhi Maran over allotment of certain telecom licences in 2006, when he was telecom minister.
In a statement yesterday, Dayanidhi Maran denied favouring any company.
ICICIdirect, the online broking arm of ICICI Securities, informed its clients that the Sun TV stock had fallen on news that a public interest suit had been filed against Dayanidhi Maran alleging that a family-owned company, Sun Direct, was a key beneficiary of the 2G scam.
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“Though it seems to be a very attractive price to buy, we recommend that our clients avoid bottom-fishing till further clarity emerges on the issue. Clients who have already invested may continue to hold the stock,” the brokerage, which has a “buy” rating on the Sun TV stock with a price target of Rs 444, said in a note to clients.
The negative sentiment towards the group hurt shares of budget carrier SpiceJet, too, also controlled by the elder Maran. SpiceJet shares lost 16 per cent, or Rs 6.60, to close at Rs 34.50. This was the steepest fall for the company’s stock in percentage terms since June 13, 2006.