Chennai: Shares of Sun TV Network Ltd plunged as much as 10.5% on Wednesday after attorney general Mukul Rohatgi cleared the prosecution of promoter Kalanithi Maran’s brother and former Union minister Dayanidhi Maran by the Central Bureau of Investigation (CBI).

At 10.45am, Sun TV shares were down 9.34% at 416.70, while the benchmark Sensex was up 0.38% at 26,123.64 points.

Former Aircel owner C. Sivasankaran has alleged that Dayanidhi Maran, as telecom minister between February 2004 and May 2007, had forced him to sell his company to Malaysia’s Maxis group, and that, in return, Maxis invested in Sun Direct, Kalanithi Maran’s direct-to-home business, through Astro All Asia Networks.

The CBI had referred the proposal to prosecute Dayanidhi Maran to the attorney general, who has now given its go-ahead.

In October 2011, the Sun TV stock had lost 7% after the CBI raided the premises of the Maran brothers. The agency had booked Kalanithi Maran and Maxis Bhd owner T. Ananda Krishnan, senior executive at Maxis Ralph Marshall, as well as Astro All Asia Network, Maxis and Sun TV in the 2G spectrum case.

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