Jayalalithaa's likely victory is Sun TV's loss; stocks fall over 10%

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.

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.