Deccan Chronicle Holdings (DCHL) dropped as much as 8.7 per cent intraday to hit a 52-week low of Rs15.25 following IFCI filing winding-up petition against DCHL at the Andhra Pradesh High Court.
According to the petition filed by IFCI, DCHL failed to pay Rs27.8 crore post-NCD redemption date and had paid only Rs2.8 crore in interest and defaulted on the principal amount.
DCHL's liability to subscribers of NCD issue alone stands at Rs150 crore, while IFCI has exposure of Rs25 crore worth NCDs.
In another piece of news reported by CNBC-TV18 quoting The Times of India, the company pledged a 14.5 per cent stake to Religare Finvest.
In the afternoon, the share was trading at Rs15.80, down 5.39 per cent amid huge volumes. The company's market capitalisation currently stands at Rs330.18 crore.
Meanwhile, in a disclosure to the bourses, the company said that its promoters had pledged an additional 14.5 per cent stake of the company to Religare Finvest. This comes after promoters pledged 54 per cent of their stake in the company to Future Capital.
The stock of Deccan Chronicle Holdings, which publishes the Deccan Chronicle chain of newspapers, plunged around 45 per cent in the past eight trading sessions, after its board accepted the resignation of N Krishnan as managing director as also director of the company.
The counter has seen huge activity, with a combined 8.79 million shares, representing 16 per cent of free-float equity of the company having already changed hands, against an average around 2 million shares that were traded daily in past two weeks.