Mumbai: Shares of Sun TV Network settled over 5 percent lower Thursday after the CBI arrested former Telecom Minister Dayanidhi Maran's close aide and two others in illegal telephone exchange case.
Sun TV's stock ended the day with a loss of 4.84 percent at Rs 392.10 on the BSE. During the day, it lost 9.54 percent to Rs 372.70.
At the NSE, it tumbled 5.32 percent to close at Rs 390.40.
Tracking weakness in the stock, the company's market value tumbled Rs 785.94 crore to Rs 15,452.06 crore.
In terms of volume, 3.59 lakh shares of the company changed hands at the BSE, while over 28 lakh shares were traded at the NSE during the day.
The CBI last night arrested three people, including V Gowthaman, who was then Maran's additional private secretary, in connection with alleged allotment of more than 300 high-speed telephone lines to the then Telecom Minister's residence in Chennai which were extended to his brother's TV channel Sun TV.
Besides Gowthaman, the CBI arrested Chief Technical Officer S Kannan and electrician L S Ravi of Sun TV network, the agency had said.
The CBI alleged that nearly 323 residential lines were allegedly allotted in the name of the BSNL General Manager connecting the Boat House residence of Maran with the office of Sun TV through a dedicated underground cable.