TV18 Broadcast shares plunge over 7% after net profit falls 96% YoY
According to the firm, economic sentiment remained weak during the quarter with high inflation posing a challenge for companies, especially in the FMCG sector. During the quarter, brands held back advertising spends on new product launches and sustenance campaigns. Advertising spends by startups and e-commerce players also declined due to the difficult fund-raising environment, TV18 Broadcast said in a statement.