Net sales of DEN networks for the March quarter were down by 13% at Rs.273 crore. It also reported a net loss of Rs.186 crore in the quarter. The stock has fallen nearly 35% in the last 1 year and we see two factors working against the stock. Firstly, the new TRAI tariff order has resulted in a fall in revenues for all Channel and network players and DEN networks is likely to feel the pressure in the coming days. Secondly, Reliance Jio is building an ecosystem which could largely dent the market share of all channel and DTH players. That also needs to be factored. We remain negative on the stock.