Thursday’s state election results are likely to make the fortunes for
some businesses and mar for some others. The biggest and most prominent
loser of the day was from the family of DMK chief M Karunanidhi. On the
day of the results, the Sun TV stock
lost Rs 2,229 crore in market value. Its market capitalisation fell
from Rs 16,845 crore at its close on Thursday to Rs 14,616 crore at the
end of the day. By virtue of his 75 per cent holding, DMK chief M
Karunanidhi’s grandnephewKalanithi Maran would take three-fourths of that hit.
This notional loss could be an indicator of the bad news in store for
the family’s business interests that extend beyond media. While Maran
was among the first in the family to get into organised business through
his venture into broadcast media in the early 1990s, there were others
who have followed in his footsteps. After a brief break-up in relations
with the Marans, Karunanidhi’s immediate family members floated
Kalaignar TV in 2007. At the time Karunanidhi’s wife Dayalu Ammal owned
60 per cent, while his daughter Kanimozhi owned
20 per cent. Karunanidhi’s grandsons, from his sons Stalin and Azhagiri
have also built interests in a range of businesses from real estate to
movies to granite mining.
The management of Sun TV has often maintained that its business is
independent of the government in power, but the market seems to be
understanding it differently. A second term of the AIADMK could prove to
be tougher for the family as it does not have the cushion of a friendly
regime at the Centre. Read more.
No comments:
Post a Comment