Mumbai: Shares of Sun TV Network tumbled over 13 percent today after Tamil Nadu belied several exit poll predictions by handing a handsome victory to the ruling AIADMK led by Jayalalithaa.
Sun TV owner Kalanithi Maran is considered to be close to top DMK leaders.
The stock tanked 13.25 percent to settle at Rs 370.90 on BSE. During the trade, it dived 13.79 percent to Rs 368.55.
At NSE, shares of the company declined by 13.2 percent to close at Rs 371.
On the volume front, 10.93 lakh shares of the company changed hands at BSE and more than one crore shares were traded at NSE during the day.
The stock had gained sharply by 10 percent on Tuesday after exit polls gave DMK-Congress alliance a comfortable majority in the 234-member Tamil Nadu assembly.
Tamil Nadu defied its 32-year-old tradition and belied several exit poll predictions by handing a handsome victory to the ruling AIADMK led by charismatic Jayalalithaa.
Facing a tough opponent in DMK-Congress alliance, AIADMK slipped on its past performance as it won 37 seats and was ahead in 96 seats (total 133 seats), 17 less than last time. However, it is for the first time since 1984 that a ruling party has been voted back to power in the state.
DMK, headed by 91-year-old M Karunanidhi, put up a strong fight and was set to win 88 seats, which itself will be a first of sorts in the 234-member Tamil Nadu Assembly where the opposition will be in big numbers.