New Delhi: After witnessing a surge in the days preceding the election results on hopes that the vote trend would favour the opposition, the Kalanithi Maran-owned Sun TV shares sank 10 per cent as it became clear that the AIADMK would return to power with majority. Maran, the promoter of the Chennai-based Sun TV, is the grand-nephew of DMK (Dravida Munnetra Kazhagam) chief M Karunanidhi.
Stock price shot up after exit polls had predicted victory for DMK during the Assembly election. On Thursday morning, stock prices started falling after counting started. Initial trends showed AIADMK was leading in 73 seats, while DMK was leading in 63 seats. However, as the counting progressed it became amply clear that Jayalalitha would retain power in the southern state.
Chennai-based Sun TV has a dominant presence in southern markets. According to the exit polls predictions the state would stick to the trend of voting in the opposition party - in this case M Karunanidhi's DMK in a strategic alliance with the Congress.
Also read: Tamil Nadu Trends: AIADMK crosses halfway mark
On the other hand Raj Television Network Ltd, a rival television network based in Tamil Nadu that is unconnected with the leading parties, saw its stock up 17 per cent to Rs 71.80 at 9.20 on the BSE. Also on the NSE, Raj TV stock rose more than 18 per cent to Rs 71.60.
Trends show AIADMK currently leading at 130 of the 232 seats.
