Sun TV Network fell 10.58% to Rs 411 at 11:36 IST on BSE on reports that the Central Bureau of Investigation may file a chargesheet against former telecom minister Dayanidhi Maran and his brother Kalanidhi Maran in the Aircel-Maxis deal.
Meanwhile, the BSE Sensex was up 61.71 points, or 0.24%, to 26,087.51.
On BSE, so far 1.80 lakh shares were traded in the counter, compared with an average volume of 59,298 shares in the past one quarter.
The stock hit a high of Rs 453.95 and a low of Rs 406.10 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 324.15 on 14 February 2014.
The stock had outperformed the market over the past one month till 22 July 2014, rising 7.09% compared with 3.67% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 18.09% as against Sensex's 14.36% rise.
The large-cap company has an equity capital of Rs 197.04 crore. Face value per share is Rs 5.
The Centre has reportedly told the Central Bureau of Investigation (CBI) that there is enough evidence to chargesheet former telecom minister Dayanidhi Maran in the case of a kickback or quid pro quo in the sale of telecom firm Aircel to the Maxis Group in 2006.
According to reports, Attorney General Mukul Rohatgi has told the CBI to file a charge-sheet against Dayanidhi Maran and his brother Kalanidhi Maran in the Aircel-Maxis deal.
Dayanidhi Maran is accused of coercing C Sivasankaran to sell his entire stake in Aircel, a mobile service provider, to Malaysia-based Maxis group. CBI has alleged that Aircel's application for grant of spectrum was unduly delayed, frustrating Sivasankaran to sell his stake to Maxis.
As a quid pro quo for this favour, Maxis group invested nearly Rs 650 crore in Maran's family business, Sun Network.
The Attorney General reportedly stepped in after differences between the CBI director Ranjit Sinha and the agency's Director of Prosecution led to a delay in a charge-sheet in the case. Sinha had said the evidence against Dayanidhi Maran was insufficient.
The matter landed on former Solicitor General Mohan Parasaran's table earlier this year. In May 2014, he wrote a letter to the investigating agency saying he would not intervene and it would be most appropriate that the matter is considered by the new government, reports suggested.
The BJP took power in May 2014 after winning the national election, which saw the UPA losing power after two terms.
Sun TV Network owner, Kalalinithi Maran, is the grand nephew of M Karunanidhi, who heads the Dravida Munnetra Kazhagam (DMK), a Dravidian political party in the state of Tamil Nadu. DMK is a former ally of the Congress-led UPA.
Kalanithi Maran held 75% stake in Sun TV Network as of 30 June 2014.
Sun TV Network's net profit rose 11.3% to Rs 197.57 crore on 10.1% growth in net sales to Rs 520.18 crore in Q4 March 2014 over Q4 March 2013.
Sun TV Network offers satellite television channels across four languages of Tamil, Telugu, Kannada, Malayalam. It also airs FM radio stations across India.
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