Jayalalithaa's likely victory is Sun TV's loss; stocks fall over 10%
Sun TV Networks is owned by Kalanithi Maran, the grand nephew of DMK chief M Karunanidhi.
Sun TV Network stocks have plunged over 10% on the Indian stock markets as assembly election results of Tamil Nadu hints at a victory for the J Jayalalithaa-led AIADMK party.
On the BSE, at 1054 hours, the company's stock was down 10.44% or Rs 44.65, at Rs 382.90 per piece. On the NSE, at 1055 hours, Sun TV Network's stock was down 10.94% or Rs 46.75 at Rs 380.70 per piece.
Sun TV Networks is owned by Kalanithi Maran, who is the grand nephew of DMK chief M Karunanidhi.
Kisan Vikas Patra (KVP): Money gets double in 115 months; assured income, guaranteed returns, and other benefits
SSY Calculator: Start investing in SSY for your 3-year-old daughter, you will get Rs 44 lakh on maturity, know how
Paytm ramps up credit distribution business focusing on big ticket loans in partnership with banks, NBFCs
Indraprastha Medical Corp stock hits lower circuit; Apollo Hospitals trades in green amid allegations of kidney transplant malpractices
300% Dividend: Hindustan Zinc declares second interim dividend - Check record date and other details
The counting of votes so far, shows AIADMK leading, trumping DMK so far.
This comes on the heels of Sun TV Network posting a nearly 52-week high after exit polls portrayed a win for DMK.
On Tuesday, Sun TV Network stocks surged 10% to Rs 434 on BSE in early trade as exit polls had suggested that DMK alliance was likely to win in the Tamil Nadu assembly elections, according to a Business Standard report.
The company has also been hit by the Aircel-Maxis scam in which the Maran brothers are allegedly involved.