Moneycontrol Bureau
Sun TV Network shares gained 3 percent and Raj Television Network surged more than 10 percent Tuesday after Sasikala's hopes to become a chief minister of Tamil Nadu dashed by Superme Court verdict.
Supreme Court has convicted AIADMK General Secretary VK Sasikala, who has been engaged in a tussle (with colleague O Panneerselvam) for the Tamil Nadu chief minister’s post over the past fortnight, in the 20-year-old disproportionate asset case and sentenced her to 4 years of imprisonment.
The court has ordered the acting general secretary of the party to pay a fine of Rs 10 crore in connection with a 20-year-old case involving late Tamil Nadu chief minister Jayalalithaa and two of Sasikala’s relatives for amassing disproportionate wealth to the tune of Rs 66 crore.
Conviction in disproportionate asset case has barred Sasikala from contesting elections for 6 years.
The news has nothing to do with companies’ operations but sentiment drove stocks higher.Chennai headquartered Sun TV is owned by Kalanithi Maran, the grand nephew of M Karunanidhi, who heads DMK party.Raj Television is promoted by four brothers — Raajhendhran, M Rajarathnam, M Ravindran and M Raghunathan. They held 70.38 percent stake in the company as of December 2016.
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