Shares of Sun TV Network plunged nearly 10 per cent today on massive selling by investors after the CBI arrested former Telecom Minister Dayanidhi Maran’s close aide and two others in illegal telephone exchange case.

Sun TV Network’s stock tanked 9.54 per cent to Rs 372.70 at the BSE. On the NSE, the scrip crashed 9.89 per cent to Rs 371.55.

Later the stock made some recovery but was still trading down 5.64 per cent at Rs 388.80 on the BSE in the mid-session.

The CBI had last night arrested three people, including V Gowthaman, who was then Maran’s additional private secretary, in connection with the alleged allotment of more than 300 high-speed telephone lines to the then Telecom Minister’s residence in Chennai which were extended to his brother’s TV channel Sun TV.

Besides Gowthaman, the agency had also arrested Chief Technical Officer S Kannan and electrician L S Ravi of Sun TV network.

CBI alleged that nearly 323 residential lines were allegedly allotted in the name of BSNL General Manager connecting the Boat House residence of Maran with the office of Sun TV through a dedicated underground cable.

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