Sun TV slumps on weak September quarter results
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New Delhi, Nov. 13 -- Shares of Sun TV Network Ltd on Wednesday fell as much as 8% after the company's September quarter earnings, hit by muted advertisement revenue, disappointed the Street.
At 10.16am, the stock was down 8.4% at Rs.484.35 on BSE, while the benchmark Sensex was up 0.1% at 40383.42 points.
The company reported a profit of Rs.370 crore, up 4% year-on-year, while revenue was at Rs.800 crore, up 6%. Both revenue and profit missed consensus estimate. According to a Bloomberg poll of estimates of 10 analysts, the company was expected to post a profit of Rs.375 crore while revenue was seen at Rs.827 crore.
"Sun TV posted weak operating results, impacted by muted advertisement revenues and operating cost inflation although ma...
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