Purely based on a speculation that Central Bureau of Investigations is planning to file charges against  a big business conglomerate in South, a drastic reversal reaction took place. India's media baron Kalanidhi Maran was the victim of the media reports. Mr Maran's Sun TV and Spice Jet lost considerable grounds on the trading floor, say sources. Shares of Sun TV, a major media network in South India, plunged 40% in early trade before recovering some of the lost ground to close at Rs 261.65, still 11% down. SpiceJet shares closed at Rs 25.20, 10.6% down. And on paper Mr Maran's assets surged downwards by Rs 1000 Cr.

The report that appeared in a leading media suggests that the CBI is ready to file charges against Maran and his brother, former telecom minister Dayanidhi, over allegations that they received kickbacks when Malaysia's Maxis bought a stake in Aircel.

The report that appeared on Friday morning had a worse impact on the shares during the course of the day. It may be noted that the Kalanidhi Maran and Dayanidhi Maran had been frequently interrogated by the CBI over the AIRCEL-MAXIS deal. As per the  allegations, Aircel's former owner C Sivasankaran was arm-twisted into selling his company to Maxis founder T Anandakrishnan, who in turn invested in Kalanithi Maran's Sun DTH. (With inputs from internet-AW AarKay)