Sun TV Network Shares Plunge Amid Political Shifts in Tamil Nadu
Sun TV Network Faces Significant Stock Decline
On Monday, shares of Sun TV Network experienced a sharp decline of nearly 8%, making it the leading mid-cap loser of the day. This downturn coincides with the ruling Dravida Munnetra Kazhagam (DMK) party lagging behind the Vijay-led Tamilaga Vettri Kazhagam (TVK), while the All India Anna Dravida Munnetra Kazhagam (AIADMK) holds the second position. By 10:40 AM, Sun TV's stock was trading at Rs 557.65, marking its steepest drop in a single day since August 2024.
Founded by Kalanithi Maran, Sun TV Network has long been associated with the DMK party, with the Maran brothers being grand-nephews of the late DMK leader M. Karunanidhi. Early election trends from Tamil Nadu indicate an unexpected lead for TVK, which is currently ahead with 98 seats, while AIADMK has secured 61 and DMK trails with 35 seats. The PMK and Congress are significantly behind, holding 6 and 3 seats, respectively. This data suggests a highly competitive electoral landscape, with TVK emerging as a formidable new player disrupting the traditional DMK-AIADMK rivalry.
Actor-turned-politician Vijay, who leads TVK, is contesting from the Perambur and Trichy East constituencies, marking the party's first foray into elections. According to his affidavit, Vijay's net worth is reported to be Rs 624 crore, which includes Rs 404 crore in movable assets and Rs 220 crore in immovable assets. His wife, Sangeetha, has declared a net worth of Rs 15.76 crore.
For over fifty years, Tamil Nadu's political scene has been dominated by two Dravidian parties: the DMK, established by C. N. Annadurai in 1949, and the AIADMK, founded in 1972 by M. G. Ramachandran after separating from the DMK. The recent elections, held on April 23, featured a three-way contest among the DMK, AIADMK, and Vijay's TVK. Supporters of TVK celebrated outside their Chennai office as the party is poised to become the largest party, currently leading in 105 out of 234 seats in the state.