Maran Family Feud: Sun TV Shares Tumble 4% After Dayanidhi Maran Serves Legal Notice to Brother Kalanithi

Shares of Sun TV Network Ltd fell sharply by over 4% in morning trade on Friday, June 20, 2025, as investors reacted to news of an escalating legal conflict within the promoter family. The stock opened lower and continued to slide following reports that DMK leader Dayanidhi Maran had served a legal notice to his elder brother Kalanithi Maran, who currently serves as the Chairman and Managing Director (MD) of the company.

Sun TV Share Price Today After Escalating Maran Family Feud

As of 10:26 AM on June 20, 2025, Sun TV Network Ltd was trading at Rs 591.10, marking a decline of Rs 21.05 or 3.44% from the previous closing price. The stock opened the day at Rs 598.00, marginally down from the previous session's close, but quickly lost ground as selling pressure intensified. It hit an intraday high of Rs 604.00, showing some early resistance, before sliding to a low of Rs 580.00, nearing its 52-week low of Rs 549.30.

Over the past year, the stock has seen a 52-week high of Rs 921.00, showcasing a significant contrast to its current trading level and highlighting the extent of recent volatility. The current market price is down more than 35% from its peak.

Sun TV Network currently holds a market capitalisation of ₹23,300 crore, making it a mid-to-large cap stock in India's media and entertainment sector. The company maintains a price-to-earnings (P/E) ratio of 13.68, which indicates that the stock is relatively moderately valued compared to its earnings.

Maran Family Dispute Over Sun TV Ownership

In a dramatic family feud unfolding within India's one of the largest media empires, former Union Minister and DMK MP Dayanidhi Maran has served a legal notice to his elder brother, Kalanithi Maran, over allegations of major financial impropriety at Sun TV Network Limited.

Dated 10 June 2025, the notice-delivered by Chennai-based Law Dharma's K. Suresh accuses Kalanithi and seven others, including his wife Kaveri Maran, of "fraudulent practices," "cheating," and "money laundering." Dayanidhi seeks to restore the company's shareholding to its pre-2003 structure, which he claims was unlawfully altered after their father became mortally ill.

According to the notice, Kalanithi orchestrated the takeover of Sun TV starting in September 2003, when their patriarch, Murasoli Maran, was critically unwell. Dayanidhi alleges that shares were secretly transferred to their mother, Mallika Maran, without proper documentation such as a death certificate or legal heir certificate-with the intention of moving these shares later to Kalanithi.

The notice further accuses Kalanithi of allotting himself 1.2 million equity shares in September 2003 at Rs 10 each-far below their true value, purportedly between Rs 2,500 and Rs 3,000 per share at the time. This move, Dayanidhi contends, allowed Kalanithi who previously held no stake to become the majority shareholder, reducing the family's combined holding from 50% to just 20%. Today, Kalanithi reportedly controls 75% of Sun TV Network and is estimated to be worth $2.9 billion.

Dayanidhi has demanded that the Serious Fraud Investigation Office (SFIO) investigate the alleged wrongdoing, arguing that the difference between what Kalanithi paid and the shares' actual value-amounting to Rs 3,498.8 crore-should be treated as "proceeds of crime." He claims these gains were later used for personal acquisitions, including stakes in Sun Direct TV and SpiceJet.

Moreover, Dayanidhi's notice calls not only for the restoration of the 15 September 2003 shareholding pattern but also for the repayment of all unlawful gains to the descendants of M.K. Dayalu and S.N. Maran. Should Kalanithi fail to comply, Dayanidhi warns, he will pursue a range of civil, criminal, regulatory, and enforcement actions.

The notice also highlights older disputes, such as the purported undervalued Rs 100 crore buyout of MK Dayalu's stake shortly after Sun TV went public, and alleged discrepancies in dividend declarations in Sun TV's 2006 red herring prospectus, with claims that Mallika Maran did not receive the dividends stated.

The current state of affairs remains uncertain. While news portal Moneycontrol has reached out to both brothers for comment, no formal response has been confirmed. Sources close to the company say Sun TV's day-to-day operations remain largely unaffected, with some describing the issue as a personal matter unlikely to significantly disrupt the network's ongoing business.

In the coming days, the Sun TV share's movement is likely to be influenced by the company's official response to the legal notice, any regulatory developments, and broader investor sentiment around corporate governance within family-run businesses.