Sun TV Network's stock prices came down Monday morning as the Central Bureau of Investigation (CBI) raided the residence and office of its promoter Kalanidhi Maran and his younger brother, former union minister Dayanidhi Maran.
Sun TV owns a clutch of leading satellite channels in the four south Indian languages.
The company's share prices came down to Rs.244 Monday soon after the market opened up from the previous closing price of Rs.262.90.
At the National Stock Exchange (NSE) the stock opened at Rs.254.40 and then the price started going down.
The Maran brothers are under the CBI scanner following a complaint from industrialist C. Sivasankaran that he was forced to exit mobile telephony company Aircel by the former minister when he was heading the telecom ministry to Maxis Group of Malaysia.
Sivasankaran had alleged that Aircel was not given telecom licences and forced him to sell his holdings to Maxis Group headed by T. Ananda Krishnan.