Shares of Sun TV Network slumped over 9% on Monday, emerging as a top loser in mid-cap space, as investors reacted negatively to early trends in the Tamil Nadu assembly elections results.

The sentiment was dented after early trends showed the ruling Dravida Munnetra Kazhagam (DMK) trailing behind actor-politician Vijay-led Tamilaga Vettri Kazhagam (TVK), with All India Anna Dravida Munnetra Kazhagam (AIADMK) in second position.

At the time of reporting, Sun TV shares were down 8% at ₹557.65 apiece on the BSE, marking their sharpest intraday fall since August 2024. The stock opened higher at ₹612.85 but slipped as much as 9.5% to ₹547.55 amid heavy selling pressure, with volumes significantly above recent averages.

In three hours of trade so far, as many as 86 thousand shares changes hands over the counter as compared to two-week average of 16 thousand stocks, while its market capitalisation slipped to ₹22,240 crore.

The shares of Sun TV touched its 52-week high of ₹662 on June 12, 2025, and a 52-week low of ₹485.10 on January 23, 2026. The stock has lost 4% in the calendar year 2026, while it delivered flat return in the past six months. The counter declined over 9% in the last one year.

The sharp move in the stock reflects investor reaction to the shifting political landscape in Tamil Nadu.

As of early counting trends, TVK was leading in around 109 of the 234 constituencies, while AIADMK was ahead in 73 seats and DMK in 52, according to Election Commission data.

Sun TV Network, founded by Kalanithi Maran, has historically been seen as aligned with the Dravida Munnetra Kazhagam, given the Maran family’s close ties to late DMK patriarch M. Karunanidhi. In the previous election, the DMK-led Secular Progressive Alliance (SPA) formed the government after winning 159 of the 234 seats, with M. K. Stalin sworn in as Chief Minister.

Meanwhile, the broader market saw strong buying momentum, with the benchmark indices – Sensex and Nifty rising nearly 1% in intraday trade. Market participants reacted positively to early trends in the assembly election results across Assam, Kerala, Tamil Nadu, West Bengal, and the Union Territory of Puducherry.

During the trade so far, the 30-share Sensex rose as much as 854 points, or 1.1%, to 77,768, while the Nifty 50 advanced 255 points, or 1.08%, to 24,255, driven by sustained buying interest across frontline stocks.

The top gainer on the Sensex pack was Maruti Suzuki India, which surged 4.49%, followed by FMCG major Hindustan Unilever with a 3.62% rise. Among others, Adani Ports and Special Economic Zone gained 2.59%, Larsen & Toubro advanced 2.43%, while Asian Paints and Mahindra & Mahindra rose around 2% each.

Financial heavyweights including HDFC Bank, ICICI Bank, and State Bank of India also traded in the green, lending further support to the benchmark indices. Index heavyweight Reliance Industries was up nearly 1% as well.

According to Devarsh Vakil, Head of Prime Research at HDFC Securities, the results of the assembly elections in Assam, Kerala, Tamil Nadu, West Bengal, and Puducherry, due today, are likely to drive near-term market sentiment.