Sun TV shares down after Maran quits union cabinet (Lead)
July 7th, 2011 - 7:17 pm ICT by IANS
Mumbai, July 7 (IANS) The shares of Sun TV Network, one of south India’s largest media and entertainment companies, took a beating of as much as five percent intra-day Thursday, after reports that Textile Minister Dayanidhi Maran had quit the union cabinet.
The group has been promoted by the Maran family and Dayanidhi’s brother Kalanithi is the chairman of the enterprise, which has interests in running channels, programming, films, newspaper and also recently airlines, after acquiring budget carrier SpiceJet.
Maran was India’s communications minister between May 26, 2004, and May 13, 2007.
The Central Bureau of Investigation (CBI) had the Supreme Court Wednesday that as communications minister, Dayanidhi Maran had allegedly created a situation forcing non-resident entrepreneur C. Sivasankaran to sell his stake in telecom company Aircel to Malaysia’s Maxis group.
Maxis, which is considered close to the Marans, allegedly bought 74 percent stake in Aircel after which it was allotted more circles to operate its telecom services in the country. Maxis also allegedly invested around Rs.600 crore in Sun’s DTH project.
The shares of Sun TV opened Thursday at Rs.330 and dipped to the day’s low of Rs.305.95, following news reports that Maran had handed over his resignation to Prime Minister Manmohan Singh.
It later recovered to close at Rs.324.30, down 2.63 percent from its previous close.
The shares of SpiceJet, which was acquired by Kalanithi Maran in 2010, plummeted over 6 percent in intra-day trade to a low of Rs.30.10. The scrip, however, managed to pare its losses to close a modest 0.47 percent up at Rs.32.10.
Last month, notably June 2, there was a steep fall in Sun TV’s share prices that was triggered by allegations and rumours linking it with certain happenings related to the allocation of second generation (2G) telecom spectrum to new players.
“We wish to inform that Sun TV Network Limited and Mr. Kalanithi Maran do not have any relationship whatsoever to any of these happenings,” the company had said. “We wish to clarify Mr. Dayanidhi Maran does not own any shares either in Sun TV Network Limited or in Sun Direct TV Private Limited.”
- Sun TV shares down after Maran quits as textiles minister - Jul 07, 2011
- Maran closeted with party colleagues, set to fly to Chennai - Jul 07, 2011
- Karunanidhi silent as Marans raided in 2G case (Roundup) - Oct 10, 2011
- Sun TV shares slide on telecom tangle - Oct 10, 2011
- CBI raids Marans, DMK silent - Oct 10, 2011
- Sun TV shares tumble as CBI set to file FIR against Dayanidhi Maran - Sep 29, 2011
- I will not let down Maran brothers: Karunanidhi - Oct 11, 2011
- Maran's abrupt end as minister, second time over (Profile) - Jul 07, 2011
- Kalanathi Maran ups stake in SpiceJet - Oct 19, 2010
- CBI to question Dayanidhi Maran soon - Jul 07, 2011
- Maran denies forcing Sivasankaran to exit Aircel (Lead) - Jun 06, 2011
- 2G scam: CBI points finger at Maran, seeks more time (Second Lead) - Jul 07, 2011
- 2G scam: CBI points finger at Maran, seeks time for probe - Jul 06, 2011
- Maran in cabinet meeting, resignation not on agenda - Jul 07, 2011
- 2G claims another minister: Maran quits (Roundup) - Jul 07, 2011
Tags: budget carrier, central bureau of investigation, dayanidhi maran, dth, entertainment companies, manmohan, manmohan singh, marans, network limited, prime minister manmohan, prime minister manmohan singh, resident entrepreneur, s communications, south india, spicejet, steep fall, sun tv network, telecom company, telecom services, union cabinet