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Sun TV shares tumble 11 per cent on Tamil Nadu poll shock
Stock erases six-month gains as early trends show TVK leading and DMK facing strong anti-incumbency.
MUMBAI: The Sun has taken a sharp dip on the bourses and this time it’s not just the weather. Shares of Sun TV Network Ltd witnessed heavy selling pressure on Monday, 4 May, tumbling as much as 11 per cent intraday amid dramatic early counting trends from the Tamil Nadu elections. The stock fell 10.75 per cent from its day’s high of Rs 614 to Rs 548.10, pushing its market capitalisation below Rs 21,500 crore. The sharp decline has wiped out all gains made over the past six months.
The sell-off appears linked to perceived political connections. Early trends showed actor-turned-politician Vijay’s Tamilaga Vettri Kazhagam (TVK) emerging as the single largest party in its debut election, while the ruling DMK struggled with significant anti-incumbency. The AIADMK also posted strong gains.
Sun TV, founded in 1993 and headquartered in Chennai, is one of India’s largest media conglomerates with over 37 television channels, 69 radio stations, newspapers, and the OTT platform Sun NXT. It is largely owned by the Maran family, which has deep-rooted ties with the DMK.
The stock opened near Rs 610, briefly touched Rs 614, but came under sustained pressure through the morning, eventually stabilising around the Rs 570 level by midday amid high volatility.
In a market where sentiment can swing as wildly as a last-ball thriller, Sun TV’s sharp fall serves as a reminder of how closely intertwined politics and media stocks can be in Tamil Nadu. For investors, the coming days may determine whether this is a temporary shadow or a longer spell of overcast trading.
