21 Nov 2017
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Sun TV scrip plunges 8.55% after ED questions Maran brothers

MUMBAI: The ghost of Aircel–Maxis deal has once again come to haunt the Sun TV Network.

The shares of the South Indian broadcast major plunged by 10.7 per cent on Friday after the media reported about the Enforcement Directorate (ED) questioning the Maran brothers, Kalanithi and Dayanidhi, in relation to the money laundering case. Kalanithi is the promoters of Sun TV.

The scrip recovered a bit by the end of the day and closed at Rs 343.75, down 8.55 per cent on the BSE.

The ED questioned the Maran brothers in connection with the money laundering probe in the Aircel–Maxis deal.

The ED is expected to issue an attachment order for seizing of assets of an estimated value of over Rs 700 crore (Rs 7 billion) in this case and all questions regarding criminal actions had to be answered by those involved and booked, the PTI reported.

Earlier in July, the shares of the company had dropped 7.07 per cent to Rs 427.15 apiece, a day after Attorney General Mukul Rohtagi said that there is enough evidence to file a charge sheet against former telecom minister Dayanidhi Maran as well as brother Kalanithi Maran.

In the case filed by the CBI in 2011, the investigation agency had alleged that the Marans had used their clout to help Malaysian business tycoon T Ananda Krishnan to acquire telecom company Aircel by pressuring its owner Chinnakannan Sivasankaran.

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