Chennai: Shares of Sun TV Network Ltd witnessed sharp selling pressure on Monday, May 4, tumbling as much as 11% intraday, as dramatic political developments in Tamil Nadu weighed on investor sentiment, according to a report by Business Today.
The stock declined 10.75% from its day’s high of ₹614 to ₹548.10, dragging its market capitalisation below ₹21,500 crore. With this fall, the media major has erased all gains made over the past six months, although it continues to hold marginal positive returns over the last one month.
The sell-off comes amid early counting trends indicating a major political upset in the state. Actor-turned-politician Vijay’s party, Tamilaga Vettri Kazhagam (TVK), emerged as the single largest party in its debut election, while the ruling Dravida Munnetra Kazhagam (DMK) struggled with significant anti-incumbency. The principal opposition, All India Anna Dravida Munnetra Kazhagam (AIADMK), also showed strong gains in early leads.
As per the current trends, TVK was leading in over 100 seats, closely followed by EPS-led AIADMK and the M. K. Stalin-led DMK lagged behind with leads in nearly 60 seats each—an outcome sharply divergent from exit poll projections.
Market participants appear to be factoring in the perceived political linkage between Sun TV and the DMK. The network is largely owned by Kalanithi Maran, whose family has deep-rooted ties with the DMK. His brother Dayanidhi Maran is a sitting Member of Parliament from the party, while his late father Murasoli Maran was a former Union Minister. Kalanithi Maran is also related to former Tamil Nadu Chief Minister M. Karunanidhi.
Founded in 1993 and headquartered in Chennai, Sun TV Network is among India’s largest media conglomerates, operating over 37 television channels across seven languages, more than 69 radio stations, newspapers, and OTT platform SUN NXT. The company also owns IPL franchise Sunrisers Hyderabad and SA20 team Sunrisers Eastern Cape.
Intraday Trend Snapshot:
The stock opened firm near ₹610 and briefly touched an early high of around ₹614 before witnessing a sharp sell-off through the morning session. By late morning, it had slipped below ₹560, eventually hitting an intraday low in the ₹547–₹548 range, marking a decline of over 10%. A mild recovery followed, with the stock stabilising in the ₹570 range around midday. The overall movement indicates a sharp early correction followed by a limited bounce, with the stock still trading significantly below its opening levels amid heightened volatility.
