India's Sun TV set for worst day in 21 months on downbeat Q1 results
** Shares of Sun TV Network SUTV.NS sheds ~9% to 834.90 rupees, set for worst day since November 2022
** Stock top pct loser on Nifty media index .NIFTYMED which is down 1.1%
** Broadcaster reports 5.5% drop in Q1 profit after tax; rev down ~3%, due to declining ad spends and subscription revenue
** Analysts at Kotak flag risks to SUTV from rising popularity from OTT and consolidation in media and entertainment industry
** Brokerage double downgrades stock to "sell" from "add", Sun TV's second "sell" rating per LSEG
** However, avg rating on SUTV remains a "buy" vs "hold" for rival Zee Entertainment ZEE.NS - LSEG
** Despite session losses, SUTV up 18% YTD while ZEE down 50%; media index down 13% YTD
Reporting by Kashish Tandon in Bengaluru
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