Sun TV tumbles 7 per cent after High Court cancels Maran's anticipatory bail
On NSE, it went down by 6.74 per cent to Rs 318.20
Mumbai: Shares of Sun TV Network tankednearly 7 per cent today after the Madras High Court cancelled former telecom minister Dayanidhi Maran's interim anticipatory bail in the controversial telephone exchange case and directed him to surrender before CBI within three days.
As a result, the stock declined 6.52 per cent to Rs 318.70 on BSE. On NSE, it went down 6.74 per cent to Rs 318.20. While rejecting his charges of "political vendetta", the Madras High Court yesterday cancelled Dayanidhi Maran's interim anticipatory bail in the controversial telephone exchange case and directed him to surrender before CBI within three days.
In a 49-page order, Justice Vaidhyanthan held that "prima facie" Maran had "misused" his office by obtaining telephone connections "illegally" and allegations against him were backed by material evidence. CBI has registered an FIR against Maran and others alleging that more than 300 high-speed telephone lines were provided at his residence in Chennai and extended to his brother Kalanithi Maran's SUN TV channel to enable its uplinking when Dayanidhi Maran was Union Telecom Minister in 2004-07.