Kalanithi Maran-owned Sun TV's shares surge 23.92% on Aircel-Maxis verdict

This is the biggest single-day gain ever by Sun TV

The stock price of the Kalanithi Maran-owned Sun Television Network (Sun TV) saw a rise of 23.92 per cent on Friday, a day after the Maran brothers received a favourable order from a CBI special court in the Aircel-Maxis deal case. This is the biggest single-day gain by Sun TV.

The stock price started reflecting the impact of the news on Friday morning, with the price going up to Rs 607 on the BSE at the opening, compared with Rs 551.85 on the previous close. It hit its 52-week high at Rs 699, before settling at Rs 683.85 at Friday’s close on the BSE. 

On the NSE, shares of the company advanced by 23.87 per cent to end at Rs 683.35. The company's market valuation went up by Rs 5,202.48 crore to Rs 26,949.48 crore. On the volume front, 1.9 million shares of the company were traded on the BSE and 20 million shares changed hands on the NSE in the day.

Kalanithi Maran holds 75 per cent of the total shares in the company. Analysts say the stock has been trading at a 20 per cent discount, compared to its competitor Zee mainly due to volatility. Even in the Aircel-Maxis case, with the case behind the promoter, there will be more rerating for its stock, they said. On Friday, the Enforcement Directorate moved to the Supreme Court against the CBI special court's order on the Aircel-Maxis case, which discharged Maran brothers and others.

On Thursday, the court observed no prima facie case warranting framing of charge against any of the accused was made out because the charges against them are based on "misreading of official files" and speculation and surmises of the complainant.