Sun TV Network has plunged almost 30% at Rs 265 on reports that the Central Bureau of Investigation (CBI) is expected to question Dayanidhi Maran in respect to issuance of license to Aircel and his alleged role in the 2G spectrum scam.
The BJP has alleged that Sun TV Network, belonging to Maran's brother Kalanithi Maran, was an indirect beneficiary of the decisions taken by him during his tenure as telecom minister from May 2004 to May 2007.
According to the BJP, Malaysian company Maxis Communication bought 74% stake in Aircel when Maran was the telecom minister and the company was later allotted more circles to operate. Maxis Communication through its subsidiary Astro invested around Rs 600 crore in Sun DTH belonging to Sun TV Network, the newspaper report suggests.
"There are rumours of a potential probe. Investors are concerned and are cutting down their positions," said Suresh Parmar, associate vice president of institutional equities at KJMC Capital Markets told Reuters.
The stock opened at Rs 377 and hit a 52-week low of Rs 265 on the NSE. As many as a combined 5.44 million shares have already changed hands on the counter till 1015 hours, as against an average around 400,000 shares traded daily in the past two weeks.