Sun TV shares down 5% as CBI arrests Dayanidhi Maran's aide

The company's market value tumbled Rs 786 cr to Rs 15,452 cr

The shares of Sun TV Network fell five per cent on Thursday after the Central Bureau of Investigation (CBI) arrested former Union telecom minister Dayanidhi Maran's aide and two others in the illegal telephone exchange case.

Sun TV's stock ended the day with a loss of 4.8 per cent at Rs 392.10 on the BSE. During the day, it lost 9.5 per cent to Rs 372.70. At the National Stock Exchange (NSE), it tumbled 5.3 per cent to close at Rs 390.40. The company's market value tumbled Rs 785.94 crore to Rs 15,452.06 crore. In terms of volume, 359,000 shares of the company changed hands in the BSE, while 2.8 million shares were traded in the NSE. Meanwhile, Maran accused the CBI of trying to frame him in the case to please a Rashtriya Swayamsevak Sangh ideologue in Chennai.

"It is politically motivated. I should be given a fair chance to tell the truth. This is a civil dispute, but the agency is trying to make it a criminal case. I will have no other option but to fight legally," Maran told reporters after meeting his uncle and Dravida Munnetra Kazhagam supremo M Karunanidhi on Thursday.

Maran's comments come in the wake of the CBI arresting his former additional private secretary V Gowthaman on Wednesday night, along with S Kannan, chief technical officer, and L S Ravi, electrician - both from Sun TV Network, run by Maran's brother, Kalanithi.

The case relates to 300 telephone lines allegedly installed at Maran's residence while he was Union telecom minister. The lines were allegedly connected to Sun TV office for the channel's data transmission.

The three arrested persons were sent to judicial custody till February 4. The court asked CBI to file a counter against the bail plea before Tuesday. The CBI's plea for police custody will be heard on Friday. All the three people are currently lodged in Puzhal prison in Chennai.

"The CBI is using third-degree methods on the arrested persons and is forcing them to give statements against Sun TV and me. They have been told that they would be let off if they give such statements," alleged Maran.