The fall followed the announcement this morning of an 8% drop in full-year profits to £27.8m, reflecting the weakness of the radio advertising market.
Capital, which owns the Capital FM and Xfm stations among others, said it remained cautious in its outlook for the coming financial year.
In research note, investment bank Credit Suisse First Boston said: "This is clearly disappointing."
Capital added to its woes when it said that its outlook for the coming year was cautious. Analysts had been expecting more optimistic news.
Earlier this week, rival media group Emap, which owns the Kiss FM and Magic radio stations, had said that it expected to see improvements in radio airtime sales. This morning, shares in Emap were trading up 4.9% at 757.5p.
Capital chief executive David Mansfield this morning admitted the outlook was tough and said Capital had experienced a "testing start to our new financial year", with revenue across October and November likely to be down by around 8% year on year.
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