Zee Media shares fell over 8 percent on Wednesday after the media house reported poor Q4 results. In Q4, it posted a net loss of Rs 86.66 crore against a net profit of Rs 11.52 crore in the same quarter last year.

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The stock fell as much as 8.5 percent to Rs 13.30 per share on the BSE. At 11:29 AM, the stock was trading 6.5 percent lower at Rs 13.60 as compared to a 0.6 percent (219 points) rise in BSE Sensex at 37,537.

The company's profit for FY19 declined 73.1 percent at Rs 13.17 crore as compared to Rs 49 crore in FY18.

"The loss is primarily due to impairment of Rs 103.35 crore in the value of the company’s investment in Diligent Media Corporation Ltd (DMCL), the publisher to English daily DNA," the company said in a regulatory filing.

The company further stated that its revenue also tumbled 3.9 percent in Q4 at Rs 169.35 crore (YoY) due to hold back of spends by advertisers across the industry in the first half of the quarter in view of the TRAI’s New Tariff Order implementation.

For FY19, consolidated operating revenue grew by 19.8 percent to Rs 686.92 crore from Rs 573.48 crore in FY18.

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