Shares of Sun TV Network tumbled 9.4 per cent on Monday, as a top mid-cap loser, as early trends in the Tamil Nadu Assembly elections showed the ruling DMK trailing behind rivals, raising concerns over the broadcaster’s perceived political linkage.
The stock ended at ₹575.85, down 5 per cent, hitting a low of ₹548.10 from the preivous close of ₹605.60.
Sun TV Network shares
According to Kunal Kamble of Bonanza, the stock has broken below its short-term uptrend and key moving averages (20 & 50 DMA), signaling a loss of bullish momentum. A high-volume bearish breakdown and RSI near 40 indicate weakening strength, though not yet oversold.
Repeated rejection in the ₹650–670 zone has formed a lower-high pattern, shifting the outlook to bearish-to-sideways. Unless the stock reclaims its moving averages, further downside or consolidation is likely.
The stock reaction came as counting trends indicated a strong performance by the newly formed Tamilaga Vettri Kazhagam (TVK), led by actor-politician Vijay, which was leading in over 100 constituencies. The AIADMK was in second place, while the ruling DMK lagged behind in the race.
As of 12.35 pm, trends showed TVK leading in 106 seats, AIADMK in 63, and DMK in 44, signalling a political shift in the state.
Sun TV Network, founded by Kalanithi Maran, has historically been associated with the DMK, as the Maran family shares close ties with the party leadership. This perceived affiliation has often led to the stock reacting to political developments in Tamil Nadu, particularly during election cycles.
The sharp decline in the stock reflects investor concerns that a weaker showing by the DMK could impact the company’s influence and operating environment in its key regional market. Market participants are closely tracking further trends as counting progresses, with volatility in the stock expected to persist in line with political developments.