Stocks of Sun TV tanked 7 per cent on the Bombay Stock Exchange (BSE) in early trade on news of raids by the Central Bureau of Investigation (CBI) across homes and offices of the Maran brothers. Sun TV Network is owned by former Union minister Dayanidhi Maran's brother Kalanidhi Maran.
The raids are being conducted in New Delhi, Hyderabad and Chennai. The CBI has also registered a first information report (FIR) against the Maran brothers.
There have also been raids at the premises of Suneeta Reddy of the Apollo group, though she has not been named in the FIR. Ms Reddy holds 26 per cent stake in Maxis. Apollo Hospitals Enterprises stocks were down nearly 1.5 per cent on the BSE.
Mr Maran is being investigated for allegedly pressuring the former owner of Aircel to sell his company to T Ananda Krishnan, an industrialist from Malaysia when he was the Union Telecom Minister. Mr Ananda Krishnan is known to be close to Mr Maran and his brother, Kalanidhi. The CBI says that after he bought Aircel, the entrepreneur invested crores of rupees in Kalanidhi Maran's company, Sun Networks.
Dayanidhi Maran was forced to step down as Union Textile Minister in May this year after the CBI implicated him. Last month, the investigating agency told the Supreme Court that it planned to file a formal case soon against Mr Maran for misusing his office when he was Telecom Minister.
The complaint against Mr Maran was filed by C Sivasankaran, the former owner of Aircel, who alleges that as Telecom Minister, Mr Maran delayed the sanction of licences critical for his business and coerced him to sell Aircel to Mr Ananda Krishnan in 2005.
Sources have told NDTV that the CBI has evidence of criminal misconduct against Mr Maran, and has found evidence of quid pro quo in the Aircel-Maxis deal.
Mr Maran was replaced by A Raja as Telecom Minister, who is now in jail for selling mobile network licences and spectrum at throwaway prices in 2008 to companies that were ineligible.
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