Shares of Deccan Chronicle Holdings Ltd ended the day at Rs 8.34, down 3.81 per cent, close to its record low of Rs 8.28 registered on Wednesday. It hit a 52-week high of Rs 57 in February.
The negative news flow about the company with regard to its debt and a series of cases, including winding up petitions filed against it and a delay in closing a deal for the Indian Premier League (IPL) team Deccan Chargers, has taken a toll on the scrip.
Even the news about the company initiating a petition in the Supreme Court seeking reversal of the decision of the Bombay High Court with regard to Deccan Chargers has not improved the sentiment as the apex court refused to stay the termination of the Hyderabad team by the Indian cricket board from IPL. The issues relating to Deccan Chargers team, the Board of Control for Cricket in India and the inability of the company to close the sale has been a dampener. Although Mumbai-based realtor Kamla Landmarc Real Estate Holdings Ltd had come forward to buy the IPL team, the company had to face a BCCI decision to remove the team from the league for non-payment of fee.