Sun TV Network fell 10.58% to Rs 405.85 at 10:23 IST on BSE on reports that the Enforcement Directorate attached the assets worth around Rs 743 crore belonging to the company's promoters in connection with its probe into money laundering.
Meanwhile, the BSE Sensex was up 48.47 points, or 0.17%, to 28,308.61.
On BSE, so far 1.50 lakh shares were traded in the counter, compared with an average volume of 92,671 shares in the past one quarter.
The stock hit a high of Rs 434.85 and a low of Rs 402.25 so far during the day. The stock hit a 52-week high of Rs 488 on 9 June 2014. The stock hit a 52-week low of Rs 298.55 on 20 October 2014.
The stock had outperformed the market over the past one month till 1 April 2015, rising 10.90% compared with 3.75% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 19.97% as against Sensex's 2.74% rise.
The large-cap company has an equity capital of Rs 197.04 crore. Face value per share is Rs 5.
According to reports, the Enforcement Directorate (ED) on Wednesday, 1 April 2015, attached assets worth Rs 742.58 crore in the name of former Telecom Minister Dayanidhi Maran, his businessman brother Kalanithi and other family members in connection with its money laundering probe in the Aircel-Maxis deal.
Kalanithi Maran is the promoter of Sun TV Network hold 75% stake in the company (as on 31 December 2014).
The agency, which has questioned the Maran brothers more than once in the last few months, issued the attachment order under the provisions of the Prevention of Money Laundering Act (PMLA), reports suggested.
Amongst the assets attached are a huge amount of fixed deposits (FDs) and mutual funds held largely by his brother and Sun TV MD Kalanithi. Some assets of Kalanithi's wife Kaveri have also been attached.
Earlier, the Central Bureau of Investigation (CBI) in its charge sheet had noted that Dayanidhi Maran, when he was the telecom minister between 2004 and 2007, had entered into a criminal conspiracy against C Sivasankaran of Aircel and stalled approvals for spectrum licences to Aircel only to force him to sell his company to Malaysia's Maxis Communication which later invested in Maran's Sun Network group.
Sun TV Network's net profit rose 15.3% to Rs 214.13 crore on 9.9% rise in total income to Rs 575.03 crore in Q3 December 2014 over Q3 December 2013.
Sun TV Network is India's largest television network with thirty two TV channels and forty five FM radio stations in several Indian languages.
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