New Delhi: Leading media stocks have taken a battering in India amid growing concern over heightened competition, fragmentation and costs in the media sector. A group of seven leading companies in broadcasting, print, movies and pay-TV, with a combined market capitalization of $US10 billion, is trading 26% lower than recent highs, and some have lost as much as 50%, according to Media Partners Asia. “Another round of corrections is needed to make valuations more palatable especially as there are key issues limiting earnings visibility,” MPA says. “In the broadcasting sector, more than 100 new TV channels will launch over the next 6-12 months, increasing audience fragmentation as well as the costs of programming, distribution and marketing.”