Deccan Chronicle falls below Rs 10 on debt recast concerns

Deccan Chronicle Holdings (DCHL) has become a single digit stock on Thursday after falling below the Rs 10 as some of the lenders raised doubts over debt recast of the company.

Business Standard reported that some of the lenders (like ICICI Bank, Axis Bank) of the debt-ridden DCHL were not keen on a debt recast of the company owing to lack of clarity over the approach and pending submission of a forensic audit report. "The decision of the select group of lenders came even as there was a board resolution passed by DCHL for going to the Corporate Debt Restructuring cell to recast its Rs 5,000-crore debt," the report says. The stock has touched a 52-week low of Rs 9.36, which has lost over 72% since the beginning of 2012. At 10:36 hours IST, the share was trading at Rs 9.36, down 4.97%. There were pending sell orders of 12,32,252 shares, with no buyers available.
 
Market capitalisation of the company currently stands at Rs 195.60 crore.