INM shares drop for a second day to value publishing firm at €129m

Selling of shares in Independent News & Media extended for the second day after warning about profits and the costs of board room corporate governance reviews.

On top of a 14% slide, INM shares fell a further 13.5%, amid institutional selling of the stock. The media firm is now worth €129m, having dropped over a quarter of its stock market value since the start of the year, and 30% since last summer.

In this week’s trading update, it had warned of “a material reduction” in full-year profits, citing a decline in ad revenue, as well as the costs associated with libel cases and corporate governance investigations — undertaken following a high-profile board level row about the group’s proposed bid for radio station Newstalk.