Sun TV Network extends fall; slips over 15% in three days

Mumbai: Shares of Sun TV Network has dipped 8% to Rs 372 on the National Stock Exchange (NSE), extending its past two day’s fall, in otherwise firm market.

In past three trading sessions, the stock of broadcasting and cable TV operator has fallen 18% from Rs 456 on April 1, on reports that the Enforcement Directorate (ED) attached properties and shares worth Rs 742.58 crore of Sun TV promoter Kalanithi Maran, his wife Kaveri Kalanithi and his brother Dayanidhi Maran related to the Aircel-Maxis case. The CNX Nifty gained 1.5% during the same period.

Kalanithi Maran is the promoter of Sun TV Network hold 75% stake in the company.

The stock opened at Rs 408 and touched a high of Rs 411 on the NSE. A combined 2.08 million shares changed hands on the counter on the NSE and BSE.

At 1503 hours, the stock was down nearly 7% at Rs 378 on the NSE.