Sun TV, SpiceJet plunge after DMK pulls out of UPA
Mumbai: Sun group stocks -- Sun TV and SpiceJet -- on Tuesday tumbled as much as 6 percent as sentiment turned bearish after the government's key ally DMK withdrew its support.
Shares of Sun TV Network plunged 5.98 percent to Rs 410.95 on the BSE. Intra-day, the scrip lost 7.36 percent to Rs 404.90.
Selling pressure also dragged down SpiceJet's shares that settled 4.35 percent lower at Rs 31.85.
DMK today withdrew its support to the UPA and pulled out its five central ministers over the issue of alleged human rights violations of Tamils in Sri Lanka but the Congress-led government said there was no threat to its stability.
DMK supremo M Karunanidhi while announcing the party's decision ending its nine-year long association with the UPA, however, kept a window open of returning to the alliance, saying it was ready to reconsider it if Parliament adopts a resolution before March 21 incorporating the two amendments he had suggested to be moved on the US-backed resolution at the UN Human Rights Commission (UNHRC).
Sun TV owner Kanalinithi Maran is the grand nephew of Karunanidhi. Maran's father's mother is the sister of M Karunanidhi.