The Nifty Media index reported its worst drop in the last 10 financial years as 13 out of the 15 constituents fell in 2018-19.
The gauge dropped as much as 25 percent, mainly led by the Zee Group companies as its promoters, the Essel Group, battle debt concerns. Zee Entertainment Enterprises Ltd. and Dish TV India Ltd., which have close to 58 percent weight on the index, contributed the most to the fall. The stocks declined more than 22 percent and 45 percent, respectively, in FY19.
Multiplex stocks bucked the trend, being the only gainers. India's largest multiplex chain PVR Ltd. and second-placed Inox Leisure Ltd. gained more than 35 percent.
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