Deccan Chronicle Holdings has locked at lower circuit of 5% to Rs 10.36 ahead of the Bombay High Court (HC) verdict on the Board of Control for Cricket in India (BCCI) decision to terminate the contract of IPL team Deccan Chargers.
On Friday, the BCCI has terminated the contract of the company’s IPL franchise Deccan Chargers on rejecting Rs 900 crore a bid, the only bid they received from a south-based film financier and serial entrepreneur PVP Ventures.
“Deccan Chronicle Holdings has moved the Bombay High court to seek stay on BCCI's decision to terminate the team. The matter has been placed for hearing on today, 17 September 2012,” the report suggests.
The stock opened at Rs 10.75 and has seen 1.86 million shares changing hands on the counter till noon deals. There are pending sell orders for 593,111 shares on the NSE and BSE at 1150 hours.