Mumbai: Maran family-owned broadcasting firm Sun TV on Monday bounced back from its sharp intraday lows and settled with gains of over 10 per cent from its last close, adding Rs 1,052 crore to its market valuation.
Shares of Sun TV settled at Rs 288.15, higher by 10.21 per cent on the BSE, thereby, adding Rs 1,052 crore from its market capitalisation, which stood at Rs 11,355 crore at close on Monday.
Earlier on Monday, the stock had tanked as much as 16 per cent after the Central Bureau of Investigation (CBI) conducted raids on the premises of owner Kalanithi Maran and his brother, former telecom minister Dayanidhi Maran.
Market analysts said that after the initial slump, bottom fishing emerged on the counter and the stock recovered from its day's lows. Besides, the bullishness in the broader market also helped investor sentiment.
The 30-share Sensex closed 324.69 points up at 16,557.23.
On the National Stock Exchange, too, similar movement was witnessed. The stock settled at Rs 288, up 9.55 per cent after witnessing an intraday low of Rs 221.20 during the day.
The CBI on Monday conducted raids on the premises of the Maran brothers in Delhi and Chennai after registering a case against the former telecom minister in connection with the controversial Aircel-Maxis deal.
The agency has also booked Kalanithi Maran, Maxis owner T Ananda Krishnan, senior executive Ralph Marshall and three companies – Astro, Maxis and Sun TV – in the case on charges of criminal conspiracy under the IPC and Prevention of Corruption Act.