The Maran link: Sun TV, SpiceJet plunge over 10 percent

Shares of Sun TV and SpiceJet have taken a beating this morning amid media reports that the CBI questioned former Union Textile Minister and Lok Sabha MP Dayanidhi Maran and Sun Group CMD Kalanithi Maran on the Aircel-Maxis deal.

Trading volumes on the two counters have also climbed.

After falling seven percent in opening trade, Kalanithi-owned SpiceJet is trading 9 percent lower at Rs 25.80, while Sun TV is down 14 percent at Rs 254.40 after opening 20 percent lower on the bourses. Meanwhile, the BSE Sensex is trading 1.18 percent higher at 16836.17.

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On Thursday former telecom minister Dayanidhi Maran was questioned by the CBI in connection with the allegations that he had received Rs 547 crore as kickbacks from a Malaysian company in the controversial Aircel-Maxis deal.

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According to CBI, illegal gratification was accepted by Dayanidhi through Kalanithi in the garb of premium share investment in family-controlled Sun Direct.

The agency also accused Dayanidhi of blocking he legitimate requests of Dishnet DSL in order to help the Maxis to takeover.

Maran was questioned earlier this month, the first time after the agency had registered a regular case against him, his brother Kalanithi Maran, SUN Direct TV Pvt Director, Chairman of Maxis Communication T Ananda Krishnan, senior executive of Astro All Asia Network and Maxis Ralph Marshall and three companies Astro All Asia Networks, Sun Direct TV and Maxis Communications on charges of complicity.

Maran was earlier examined by the CBI in September 2011 when the agency had registered a Preliminary Enquiry into the case but no questioning or recording of statement was done at that point.

The CBI had also carried out searches at his residence and nine other locations after registering a case against him last year in connection with the controversial Aircel-Maxis deal.

It has been alleged by former Aircel Chief C Sivasankaran that Maran as the then telecom minister favoured Maxis-group in the takeover of his company and in return investments were made by the company through Astro network in Sun TV owned by Maran family.