Sun TV shares erase early losses; settle in green

Erasing early losses, shares of Sun TV Network ended with marginal gains as former Union Telecom Minister Dayanidhi Maran moved the Supreme Court, challenging the Madras High Court's decision to cancel his bail and asking him to surrender.
After falling 6.52 per cent to Rs 318.70 in intra-day trade at the BSE, the stock later saw some recovery, ending the day at Rs 342.20, up 0.37 per cent.
On the NSE, shares of the company settled with a gain of 0.35 per cent at Rs 342.40.
Former Union Telecom Minister Dayanidhi Maran today moved the Supreme Court, challenging the Madras High Court's decision to cancel his bail and asking him to surrender in a case related to alleged installation of telephone exchange at his residence.

The Madras High Court had yesterday cancelled Maran's interim anticipatory bail in the controversial telephone exchange case and directed him to surrender before the CBI within three days while rejecting his charges of political vendetta.
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.