Sun TV Network shares plunged over 13 per cent on Thursday after the trends in counting in Tamil Nadu assembly elections showed the ruling AIADMK leading in 134 seats against DMK 83 (at 11.24 am).
At 11.39 am, shares of Sun TV were trading 10.86 per cent down at Rs 381.10. The scrip opened at Rs 438 and touched a high and low of Rs 438 and Rs 375.10, respectively, in trade so far.
Later, the share price of the company closed 13.25 per cent down at Rs 370.90.
The Chennai-based company, Sun TV, is owned by Kalanithi Maran, the grandnephew of DMK President M Karunanidhi.
In the past one year, the share price of Sun TV jumped 17.83 per cent to Rs 427.55 till May 18, whereas BSE Sensex plunged 7.16 per cent in the same period.
The counting of votes polled in 232 Assembly constituencies in the state Tamil Nadu got underway earlier with the opening of postal ballots.
AIADMK is clearly heading towards retaining power in Tamil Nadu by winning 21 seats and leading in 110 other constituencies as arch rival DMK gave a strong fight bagging 19 and leading in 71 segments. Of the 232 seats that went for voting on May 16, results were declared for 41 seats till around 4 pm. Congress won one seat and is leading in seven.
(With agency inputs)