Sun TV Network fell 10.98% to Rs 380.60 at 10:01 IST on BSE as the voting trend in the initial rounds indicated that AIADMK could form the next government in Tamil Nadu.
Meanwhile, the BSE Sensex was down 111.04 points, or 0.43%, to 25,593.57.
On BSE, so far 4.93 lakh shares were traded in the counter, compared with an average volume of 66,183 shares in the past one quarter. The stock hit a high of Rs 438 and a low of Rs 375.10 so far during the day. The stock hit a 52-week high of Rs 438 on 19 May 2016. The stock hit a 52-week low of Rs 256.05 on 22 July 2015. The stock had outperformed the market over the past one month till 18 May 2016, rising 18.29% compared with 0.43% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 28.39% as against Sensex's 8.69% rise.
The large-cap company has an equity capital of Rs 197.04 crore. Face value per share is Rs 5.
Early trends showed the AIADMK supremo J Jayalalithaa stood in a commanding position over her rival, DMK's M Karunanidhi in Tamil Nadu. AIADMK or All India Anna Dravida Munnetra Kazhagam is a state political party of Tamil Nadu. The party is led by J. Jayalalithaa.
Chennai-based Sun TV Network owner, Kalalinithi Maran, is the grand nephew of M Karunanidhi, who heads the Dravida Munnetra Kazhagam (DMK), a Dravidian political party in the state of Tamil Nadu.
Kalanithi Maran held 75% stake in Sun TV Network as of 31 March 2016.
Media reports suggest that there is a strong connection in the financial performance of Sun TV Network to the period in which the DMK is in power.
Sun TV Network's net profit rose 0.7% to Rs 215.59 crore on 3.9% growth in net sales to Rs 574.12 crore in Q3 December 2015 over Q3 December 2014.
Sun TV Network is one of the largest television broadcasters in India, operating satellite television channels across four languages of Tamil, Telugu, Kannada and Malayalam and presently airing FM radio stations across India.
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