Sun TV Shares Sink on Fears of Chargesheet in Aircel-Maxis Deal

Shares in Sun TV fell over 12 per cent on Wednesday on reports that Attorney General Mukul Rohatgi has told the Central Bureau of Investigation (CBI) that there was enough evidence to file a chargesheet against former telecom minister Dayanidhi Maran and his brother Kalanidhi Maran in the Aircel-Maxis deal. (Read the full story here)

Kalanidhi Maran, the founder of Chennai-based Sun TV, holds nearly 75 per cent stake in the network according to the Bombay Stock Exchange.

According to sources, Mr Rohatgi asked the CBI to go ahead with the process of filing a chargesheet against the Marans for entering into a quid-pro-deal with a Malaysia-based entrepreneur, T Ananda Krishnan.

The investigating agency, in its FIR filed in the case in 2011, had alleged that Mr Dayanidhi Maran, who was then the telecom minister, had forced Sivasankaran to sell his entire stake in Aircel to Mr Ananda Krishnan. In return, Maxis, the company owned by the Malaysian businessman, invested Rs. 650 crore in Sun TV network, run by the Marans.

Sun TV shares were down 11 per cent at Rs 410.75 as of 12.03 p.m. after earlier falling to Rs 405. The stock underperformed the broader Nifty, which traded with 0.12 per cent gains.

Shares in SpiceJet, also owned by the Marans, traded with nearly 0.3 per cent losses.