Deccan Chronicle sheds 33% in eight days since suspension
The stock has been touching its lower circuit on each of the trading sessions since the NSE announced its decision to suspend DCH for non-compliance with the listing agreement.
On Friday, shares of DCH, which are available for trading on the BSE, closed at a new low of R4.79, down 5%. The shares have lost 33.20% since January 15, when the NSE issued a circular to suspend DCH from January 23.
Analysts say while the stock was looked upon as a weak bet on account of the debt woes, the sentiment took a further beating when the NSE decided to suspend the shares of the Hyderabad-based company. The exchange suspended DCH for failing to make important statutory disclosures.
According to the NSE, the company has not submitted the latest shareholding pattern, corporate governance report, financial results and reconciliation of share capital audit report for the quarter ended September 30, 2012.
Early this week, the company announced its financial numbers for the quarter ended September 30, 2012, reporting a loss of R100.05 crore. The company attributed the loss to a decline in revenue and increased costs.
More importantly, for the first time, the company formally revealed that it has a total debt of nearly R4,000 crore and the promoter holding has also halved. For the financial year ended March 31, 2012, the company reported a loss of R774 crore
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