Capital Radio shares were trading down 11.32% to 470.5p by 15.30 a fall of 60p, following the news that Tarrant is set to take the year off. In an interview, he said that after 16 years there would have to come a time when he stops getting up at 5am every weekday morning.
The DJ and TV presenter also said he planned to cut back on 'Who Wants to be a Millionaire?'. Tarrant's 拢1m Capital contract expires at the end of December, although he must do some work for Capital until the end of 2003.
Tarrant said he planned to spend more time with his children and that the events of September 11 had influenced his decision. "It really focused me, changing my whole attitude to my career and my life and the lack of importance about what I do," Tarrant told the Daily Express.
He added: "It's a fantastic show but has gone past the 'I've got to get home in time to see 'Millionaire'', because viewers knew if they missed it, like buses, there would be another one along the next night".
While Capital's shares have recovered ground recently, they have traded as low as 440p early last month, down from a high of 869p at the beginning of March.
According to analysts, Tarrant's departure could hit Capital's revenues -- already hurt by the decline in advertising -- by as much as 3%.
Capital has a 48% share of London listeners aged between 15 and 24 years old.
Capital was not the only stock to fall this morning as the media sector lost ground. BSkyB was down 2.83% to 583p; Carlton and Granada were both down slightly, falling 0.9% to 137.5p and 0.31% to 79.75p respectively; and Pearson and Reuters were also down falling 1.21% to 614.5p and 3.68% to 268p.
Advertising stocks were also down, with WPP off by 3.91% to 454.5p; Cordiant was down 2.73% to 54.5p and Aegis Group was down 2.95% to 74p.
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