We interacted with Music Broadcast (MBL) to gauge the ramifications of Covid-19. MBL witnessed a steep fall in revenues amid the lockdown as ad volumes have dried up both from corporates and government barring few state governments' social message-based ads amid Covid-19 outbreak. We note that MBL already had a distressing year with 9MFY20 revenues and EBITDA decline of 17.8% YoY and 23.1% YoY, respectively, impacted by a steep decline in government as well as other major categories. On the positive side, a third party survey, however, has indicated that daily...