Chennai: Shares of Sun TV Network witnessed a sharp decline on Wednesday following unexpected developments in the Tamil Nadu Assembly election results. The stock fell nearly 9.5 percent during intraday trade, hitting a low of ₹547.55 on the BSE, before closing at ₹573, marking a decline of 5.38 percent.

The market reaction comes amid a surprising political shift in Tamil Nadu. Actor-turned-politician Vijay’s party, Tamilaga Vettri Kazhagam (TVK), emerged as a strong contender, leading in over 100 constituencies. Traditionally dominant parties such as the AIADMK and DMK have slipped to second and third positions respectively, marking a significant political upset.

Market analysts attribute the decline in Sun TV shares partly to its promoter Kalanidhi Maran’s close association with DMK leadership, particularly Chief Minister M. K. Stalin.

Meanwhile, broader domestic equity markets showed volatility. The BSE Sensex initially surged nearly 1,000 points in early trade but later trimmed gains, losing around 700 points. By mid-session, the index was trading at 77,232, up 319 points. The NSE Nifty also maintained gains, trading at 24,094, up 96 points.

Among Sensex constituents, gains were led by Reliance, L&T, Hindustan Unilever, Adani Ports, and Bajaj Finance. On the other hand, Kotak Mahindra Bank, Bharti Airtel, TCS, Trent, and ITC were among the laggards.