The Maran family-owned broadcasting company Sun TV on Thursday tumbled 8 per cent on bourses during intra-day after Union Textiles Minister Dayanidhi Maran resigned from the Union Cabinet.
After opening at Rs. 330 on the Bombay Stock Exchange, the stock plunged to a low of Rs. 305.95, down 8.13 per cent from its previous close.
However, it regained some of the lost ground but still closed at at Rs. 324.30, 2.63 per cent lower from its last close, despite across the board buying support.
The market cap of the company eroded by Rs. 345 crore in a single trading session to Rs. 12,780 crore on the BSE.
On the National Stock Exchange, the stock plunged to a low of Rs. 305, down 8.50 per cent from its last close. It finally ended the day at Rs. 323.20, down 3.04 per cent from its last close.
Analysts said the decline in the stock was largely owing to Mr. Maran’s resignation from the Union Cabinet, which acted as a negative trigger for the stock.
The dip in the counter was significant as the broader market was trading in the positive territory.
Meanwhile, the BSE benchmark Sensex on Thursday spurted by over 350 points to regain 19,000 mark after more than two months.
Similarly, the broad-based National Stock Exchange index Nifty rose by 103.50 points to 5,728.95.
