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Friday, July 8, 2011

2G Spectrum Scam: Maran business empire under threat!

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(File photo) Dayanidhi Maran - PTI
(File photo) Dayanidhi Maran - PTI.

On a day when the Sensex soared over 348 points to close above the 19,000-mark, shares of Sun TV Network owned by the Maran family tumbled in a rising market on Thursday after reports emerged that textiles minister Dayanidhi Maran resigned had stepped down from his position.
Shares of Sun TV, which opened at Rs.330, fell 8.75% and closed at Rs 324.30. The scrip opened at the day’s high of Rs 331.25 and touched the day’s low of Rs 305.95. It had peaked to as high as Rs 556.50 sometime back.
The shares of budget airlines SpiceJet, which was acquired by Kalanithi Maran in 2010, plummeted over 6 per cent in intra-day trade to a low of Rs.30.10. However, at the end of trade, it showed a 0.15% gain to close at Rs 32.10. The 52-week high of the Spicejet scrip was at Rs 97.45.
The Sun empire seems under serious threat. Not only has Dayanidhi been forced to quit the protective comfort of the UPA Cabinet after the CBI went before the Supreme Court to allege his involvement in the 2G probe, the Sun CEO Hansraj Saxena has landed in jail after a film distributor lodged a complaint in a city police station alleging extortion and intimidation.

They collect votes in the name of improving the lot of the poor, throw some electoral sops and enrich themselves like hell, perpetrating the rick-poor gap, for ever, while forcing the middle class to eak out their living on the periphery!

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