Turkish police detained the chief legal advisor and a former chief executive of Doğan Holding, one of the country's biggest conglomerates, on Thursday in a probe into the network of the Gülenist Terror Organization (FETÖ) blamed for the July 15 failed coup attempt, sending its shares tumbling.
Doğan - which has interests in media, finance, energy and tourism and owns newspaper Hürriyet and broadcaster CNN Turk - said the raids were only on the personal offices and homes of the two individuals and that its operations were unaffected.
Its shares fell as much as 9.9 percent after the market opened, although they later recovered somewhat to trade down 3.7 percent at 0.78 Turkish lira ($0.22) by 0706 GMT. Hürriyet fell as much as 7.6 percent.
Last month, another Doğan Holding executive, Barbaros Muratoğlu, was detained for links to FETÖ.
In its statement to the Istanbul stock exchange, Doğan said Thursday's detentions were part of the same investigation.
"The search has been carried out solely in the personal offices of the mentioned executives and there is no situation that has an impact on the operations of our company or its subsidiaries," the statement said.
Since the failed coup in July, in which more than 240 people were killed, the authorities have detained, dismissed or suspended some 120,000 people including soldiers, police officers, teachers, judges and journalists for affiliation with FETÖ.
Doğan Holding itself has not been formally accused of any wrongdoing and has disavowed links to FETÖ.