Sun TV Shares Drop Following DMK's Election Setback
Sun TV slides 5.4% to Rs 572 after DMK loss
The Economic Times
Image: The Economic Times
Shares of Sun TV Network, part of the Sun Group led by Kalanithi Maran, fell by 5.4% to ₹572 after the ruling Dravida Munnetra Kazhagam (DMK) party did not secure a majority in the Tamil Nadu elections. The stock hit an intraday low of ₹547.55 during trading.
- 01Sun TV Network shares dropped 5.4% to ₹572.
- 02The decline followed the DMK's failure to secure a majority in Tamil Nadu elections.
- 03The stock reached an intraday low of ₹547.55.
- 04Sun TV is part of the Sun Group, controlled by Kalanithi Maran.
- 05Kalanithi Maran is a relative of Tamil Nadu Chief Minister MK Stalin.
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On Monday, shares of Sun TV Network fell by 5.4%, closing at ₹572 after the ruling Dravida Munnetra Kazhagam (DMK) party lost its majority in the Tamil Nadu elections. The stock experienced a significant drop earlier in the trading session, reaching an intraday low of ₹547.55 on the Bombay Stock Exchange (BSE). Sun TV is owned by the Sun Group, which is led by Kalanithi Maran, a relative of MK Stalin, the Chief Minister of Tamil Nadu and head of the DMK. This political outcome has raised concerns about the potential impact on the network's operations and financial performance.
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The decline in Sun TV shares may affect investor confidence and the company's financial stability, particularly in a politically sensitive environment.
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