The stock of Deccan Chronicle Holdings Ltd hit a new low on Wednesday with the scrip closing the day at Rs 25.15, down 2.33 per cent. The Managing Director of Deccan Chronicle Holdings Ltd, publishers of Deccan Chronicle, Mr N. Krishnan, has resigned.
The Hyderabad-based company, which owns the Deccan Chargers IPL cricket team, a chain of retail stores under the brand name Odyssey, has reportedly been facing financial problems in these two ventures. In fact, the company has been exploring sale/ stake sale in the Deccan Chargers team.
In a statement to the stock exchanges today, DCHL informed that Mr Krishnan’s resignation was accepted . and he would be relieved from responsibilities from July 29.
The shares of Deccan Chronicle Holdings Ltd., hit a new low today with the scrip closing the day at Rs. 25.15 down 2.33 per cent.
The company shares had a 52-week high of Rs. 73.50 in July 2011.
DCHL had also stated that multiple parties evinced interest in acquiring stake in Deccan Chargers. The IPL team had a very bad season this year.
It had appointed Religare Capital Markets to advise on the suitability of offers. However, it said that this move was exploratory and not conclusive.
Even the retail chain Odyssey is reportedly been downsized with the number of stores being reduced.
The Hindu Business Line competes with The Financial Chronicle.