Sun TV stocks recover after slump

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Though the prices of shares of Sun TV Network, the Maran family-owned broadcasting firm, tumbled about 15 per cent on reports about CBI raids on the houses of the Marans in connection with the controversial Aircel-Maxis deal, the stocks finally ended the day with a 10 per cent gain.

Reacting to news of CBI raids in residences and offices of its promoter Kalanithi Maran and his younger brother, former Union telecom minister Dayanidhi Maran, the stock opened lower at Rs 251.50, then declined further to Rs 235.05, down 10.09 per cent vis-a-vis its previous close on the BSE.

However, within hours of its fall, the shares recouped the losses and clawed back to its previous closing level to end the day with Rs 27 gain, ending at Rs 288.15.

Shares of airline company SpiceJet Ltd, owned by the Sun Group, also had a slight rally but ended with a 1.65 per cent gain at Rs 21.60 against the day’s open of Rs 21.30.

Apollo Hospitals Enterprises stocks, meanwhile, were down just over 1 per cent, after falling sharply on news of raids on the premises of Suneeta Reddy, deputy managing director of Apollo Group. She holds 26 per cent stake in Aircel through Sindya Securities and Investments, while the rest is held by Maxis.

Apollo Hospitals’ shares fell to Rs 485.10 against the open of Rs 499. However, the stock recovered slightly towards the end to close at Rs 501, losing Rs 8, against the previous close.