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On Monday, shares of Deccan Chronicle Holdings Ltd plunged to its new low of Rs 5.24, down 4.90 per cent on the BSE.
Its shares had registered a 52-week high of Rs 57 in February 2012.
The Hyderabad-based publisher of English daily Deccan Chronicle is in the news for the liquidity crisis the company is faced with, and lenders initiating a series of cases, including a winding up petition by one of the company lender.
The company promoted Indian Premier League franchise team Deccan Chargers, which represented the team from Hyderabad, has been removed from the league by the Board of Control for Cricket in India for failure to meet obligations such as providing bank guarantees.
The efforts by DCHL management to sell the IPL team did not materialise. The Hyderabad franchise has now been bagged by Sun TV in the recent bid process.
The negative news flow on the company, including one more petition against DCHL to press for dues seems to have impacted the market sentiment.
Meanwhile, both NSE and BSE have decided to transfer the scrip of Deccan Chronicle Holdings to trade-for-trade segment with effect from November 23.
Trade-for-trade segment means if one buys scrip then he has to pay for the same and take delivery or if one sells scrip then he has to give delivery of shares for getting money. In short, it means no netting off is allowed in that scrip.
> rishikumar.vundi@thehindu.co.in
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