Markets

Sun TV shares plunge sharply on Attorney General ruling

K S Badri Narayanan Chennai | Updated on March 12, 2018

The scrip crashed to a low of Rs 416.90 but recovered mildly to trade at Rs 427, still down 7.1 per cent over the previous day's close.

Shares of >Sun TV Networks plunged sharply in early trade on Wednesday after the Attorney-General of India, Mukul Rohatgi, has given a legal opinion to the CBI saying there was enough evidence to prosecute former Telecom Minister, Dayanidhi Maran, and his brother, Kalanithi Maran, in the Aircel-Maxis deal.

The scrip crashed to a low of Rs 416.90 but recovered mildly to trade at Rs 427, still down 7.1 per cent over the previous day's close.

The Attorney-General had on Tuesday informed the CBI that there was enough prosecutable evidence to file a charge-sheet against former Telecom Minister Dayanidhi Maran for alleged acts of wrongdoing, including quid pro quo in the Aircel-Maxis deal.

The CBI had sought the opinion of the A-G after the investigating officer, his supervisor and the Director of Prosecution favoured launching prosecution against Maran, but CBI Director Ranjit Sinha held a contrary view.

Last November, the CBI had informed the Supreme Court that the offshore investigation into the Aircel-Maxis deal got grounded as the Malaysian Government had said that there was nothing against T. Ananda Krishnan, owner of Maxis, which bought Aircel from its original owner Sivasankaran.

Shares of the other Maran-controlled firm >SpiceJet were trading slightly lower at Rs 17.65.

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Published on July 23, 2014
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