Sun TV Network hits record high; stock zooms over 25%

The stock zoomed 26% to Rs 694, also its lifetime high on the NSE in early morning trade

Sun TV Network zoomed 26% to Rs 694, also its lifetime high on the National Stock Exchange (NSE) in early morning trade, after a trial court on Thursday discharged former telecom minister Dayanidhi Maran, his brother Kalanithi Maran and others in the Aircel-Maxis deal cases lodged by the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED).

At 09:30 am; the stock was up 25% at Rs 689 on the NSE as compared to a marginal 0.02% decline in the Nifty 50 index. The trading volumes on the counter jumped multiple-fold with a combined 8.69 million shares representing 2.2% of total equity of Sun TV Network changed hands on the NSE and BSE so far.

Meanwhile, Raj Television Network also surged 20% to Rs 72 on the NSE in intra-day trade.

The CBI had filed charge sheet against former telecom minister Dayanidhi Maran and his brother and head of Sun TV Network Kalanidhi Maran, Marshall, Krishnan, Sun Direct TV, UK’s Astro All Asia Networks, Malaysia’s Maxis Communications Berhad, South Asia Entertainment Holdings, and then additional secretary (telecom) J S Sarma, who died during the course of the probe, according to news agencies report. CLICK HERE TO READ FULL REPORT