Capital slipped from number three in London to number four, behind Emap's Kiss 100, for the first time in its history, at the same time losing the number one breakfast show slot to Heart's Breakfast with Jamie and Harriet for the second time in three quarters.
Market share is at its lowest ever at 4.1%, down from 5% last quarter, while Magic and Heart both recorded a 6.2% share.
Fru Hazlitt, managing director of GCap London, said the station was in the middle of transforming from "the old Capital to the new Capital of the future".
"A lot of people grew up with Capital, but one day they woke up and realised they were 40 and Chris Tarrant was 50 and we were playing Lionel Richie all the time," she said.
"What's happening is we're losing the older guys faster than we're gaining the younger guys - I'm not saying it's a great result, but I am encouraged by signs that our profile has got significantly younger."
Rajar statistics showed Capital added 8,000 listeners in the 15-34 age category, but total listening hours by the over-45s fell from 2,690 in Q1, to 2,084
Hazlitt believes the station has to lose listeners in order to transform, adding: "These are the first stages of it and we have to take it on the chin and say this is the right path and we're going to keep going."
She added she was still confident she can turn the station around, but stressed that would "not happen overnight".
Elsewhere, GCap saw share for its national station Classic FM fall from 4.2% last quarter to 4%, losing a total of 330,000 listeners - almost exactly the same number of listeners who were reported to have tuned in to GCap's digital-only station theJazz. In its first Rajar, theJazz was recorded as having 334,000 adult listeners a week.
Rival station BBC Radio3 had its worst ever Rajars, recording just 291,000 weekly listeners, down on the year and the quarter.
Digital listening was monitored according to platform for the first time in the latest Rajars, showing 136 million hours of digital radio are listened to overall, including 74 million hours on DAB sets, 27 million on digital TV and 16 million via the internet.
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