
Shares of Sun TV Network Ltd declined on Friday following an alleged feud between the Maran brothers over the media company's shareholding. The stock tanked 5.21 per cent to hit a day low of Rs 581.55.
DMK MP Dayanidhi Maran has reportedly served a legal notice to his elder brother, Kalanithi Maran — Chairman and Managing Director of Sun TV Network — accusing him of fraudulently taking control of the group after the death of their father, Murasoli Maran, in 2003.
Some market experts said Sun TV shares looked 'bearish' and advised investors to adopt a wait-and-watch approach for now.
Mayuresh Joshi, Head-Equity Research at William O'Neil India, in an interaction with Business Today, said the legal dispute has created a lot of uncertainty and suggested that investors should wait and watch for now.
Kkunal V Parar, Vice-President of Technical Research and Algo at Choice Broking, indicated that the stock showed a bearish trend on charts and may drop to Rs 550 if it breaches Rs 577 level.
Jigar S Patel, Senior Manager – Technical Research Analyst at Anand Rathi noted that support on the counter will be at Rs 570 and resistance at Rs 605. "A decisive move above Rs 605 level may trigger a further upside towards Rs 620. The expected trading range will be between Rs 560 and Rs 620 for the short term," Patel added.
According to Sebi-registered independent research analyst AR Ramachandran, "Sun TV stock price is bearish on daily charts with strong resistance at Rs 604. A close below Rs 580 could lead to a downside target of Rs 550 in the near term."
As of March 2025, promoters held a 75 per cent stake in the company.