Mumbai, Nov 13 (TIWN) Sun TV on Wednesday plunged over 10 per cent during the early trade after it reported a fall in advertisement revenues. Nifty media index fell by 3 per cent.

At 11.24 a.m., Sun TV on the NSE, was down 47.75 points or 9.02 per cent at Rs 481.40 a share.

Owing to a weak economic environment, Sun TV's Q2 advertisement revenues fell by 1.5 per cent YoY to Rs 337 crore.

ICICI Securities in its outlook on the company said that the weak macroeconomic growth clouds the ad growth outlook in the near term while content spend is expected to remain elevated.