Deccan Chronicles will no longer see its equity shares being traded on the stock exchanges from closing hours of 22nd January’13. An announcement on NSE said that “Members of the Exchange are hereby informed that trading in the equity shares of Deccan Chronicle Holdings Limited will be suspended w.e.f. January 23, 2013 (i.e. closing hours of trading on January 22, 2013) as the company has failed to respond satisfactorily to the notice of the Exchange for non-compliance with the provisions of listing agreement”.
The stocks closed at RS 7.17 on Tuesday. The stock has lost 87 percent on the bourses from its closing highs of Rs 55.45 on 16 February’12 as the company faced Debt issues. The debt restructuring plans too did not succeed. The total exposure of the lenders to the company is about Rs 5000 crore. Earlier, lenders to the company had considered restructuring the loans of about Rs 2,300 crore of the Hyderabad-based company. However, the plan failed to get the support of lenders in October’12 itself. Thus after months of uncertainty, the company shares will no longer trade on the bourses from 23rd January’12.
