Yesterday it was Tulip Telecom. Today, it was the turn of Sun TV to crash 40 per cent in opening trade.

Mr Kalanithi Maran-controlled Sun TV and SpiceJet plummeted in early trade on Friday on media reports that the Central Bureau of Investigation is poised to file a charge-sheet against the former Telecom Minister, Mr Dayanidhi Maran, and his brother, Mr Kalanithi Maran, for allegedly receiving Rs 549 crore for their role in the acquisition of Aircel by the Malaysia-based firm Maxis.

The stock of Sun TV opened 40 per cent lower at Rs 176.75, but bounced back sharply to trade at Rs 251.4, still a fall of 14.7 per cent.

Meanwhile, the BSE Sensex was trading higher by 1.4 per cent at 16,871.

SpiceJet crashed over six per cent to trade at Rs 26.40 in the opening minutes.

According to reports, the CBI has almost zeroed-in on illegal gratification accepted by Mr Dayanidhi through Mr Kalanithi Maran in the garb of premium share investment in the family-controlled Sun Direct.

Mr Dayanadhi Maran does not own any stake in Sun TV or SpiceJet.

The counter registered a trading volume of nearly 35.50 lakh shares in about 25 minutes after trading commenced in the NSE.

(This article was published on July 27, 2012)
XThese are links to The Hindu Business Line suggested by Outbrain, which may or may not be relevant to the other content on this page. You can read Outbrain's privacy and cookie policy here.