STOCK ALERT: Deccan Chronicle, Kingfisher hit new low

Deccan Chronicle Holdings has frozen lower circuit of 5% at Rs 11.65 on the BSE

Shares of Deccan Chronicle Holdings and Kingfisher Airlines have hit their fresh all-time low on the Bombay Stock Exchange (BSE).

Kingfisher Airlines has slipped 5% to Rs 7.90, its historic low, after LKP Merchant Financing Ltd sold 4.6 million shares of debt-laden private airlines at Rs 8.79 on the NSE through bulk deal.

“LKP Finance has sold 26.71 million shares representing 3.24% stake of the company between July 16 and August 8, through open market transaction,” Kingfisher Airlines said in a filing.

LKP Finance has reduced its holding in Kingfisher Airlines to 4.41% from 16.48% it held at the end of June quarter, BSE data showed.

On the other hand, Deccan Chronicle Holdings has hit the lower circuit of 5% for the day at Rs 11.65 on the BSE. A combined 1.85 million shares have already changed hands on the counter so far and there are pending sell orders for 608,864 shares on both the exchanges.

 

The stock has nearly halved from Rs 22.90 on July 26, after the company said that its promoters have pledged 54% of the company’s shares to Future Capital Holdings, as part of collateral against the company’s borrowings.