Deccan Chronicle Holdings hits new low, stock down 27% in two-days

The promoters pledge 112.85 mn shares or 54% of their holdings in the company in favour of Future Capital Holdings Limited

Deccan Chronicle Holdings has plunged 20% to Rs 18.40, its historic low in morning trades on the Bombay Stock Exchange.

The stock has slipped 27% in past two trading sessions after managing director of Deccan Chronicle Holdings Ltd, publishers of Deccan Chronicle, Mr N. Krishnan, resigned.

“The board of directors has accepted the resignation of Sri N. Krishnan as managing director and also as director of the company and consented to relieve him from responsibilities with effect from July, 29, 2012,” the company said in a filing.

Meanwhile, in a disclosure to the stock exchange, the company said that T V Venkattaram Reddy, T Vinayak Ravi Reddy and P K Iyer, the promoters of the company have pledge a combined 112.85 million shares or 54% of their holdings in the company in favour of Future Capital Holdings Limited.