Sun TV shares drop after reports of police summoning founder

Last Updated: Wed, Jul 13, 2011 05:09 hrs

Shares of Sun TV Network slumped more than 7 percent in early trade on television reports of founder Kalanithi Maran being summoned by the Chennai police in relation with a distribution deal by unit Sun Pictures.

On Tuesday, the broadcaster named Vijay Kumar, the chief operating officer of the company, as the new chief executive officer.

At 9.16 am, shares had pared some losses but still down 3.6 percent at 295.75 rupees in a firm Mumbai market.

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