Sun TV Network shares declined as much as 6.5 per cent in the early trade on Tuesday after news that the Madras High Court on Monday cancelled former telecom minister Dayanidhi Maran’s interim anticipatory bail in the controversial telephone exchange case.
At 10 am, the share price of the company was trading 3.58 per cent lower at Rs 328.75. It opened at Rs 325 and has touched a high and low of Rs 332 and 318.70, respectively. Meanwhile, the BSE Sensex was trading flat at 28,105.28.
On the NSE, Sun TV shares were trading 3.27 per cent down at Rs 330.05 at the same time.
The 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 Telecom Minister from 2004-07.
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. The judge granted three days for Maran to surrender before CBI before 4.30 pm on August 13.
For the quarter ended June 2015, the company registererd net profit of Rs 197.28 crore, up 19.10 per cent, against Rs 165.64 crore in the corresponding quarter a year ago.
Revenue of the company jumped 9.07 per cent year-on-year to Rs 691.09 crore against Rs 633.58 crore in the same quarter last year.
The share price of the Sun TV Network closed 0.37 per cent higher at Rs 342.20 on Tuesday.
(With inputs from PTI)