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Deccan Chronicle scrip hits fresh 52-week low

Shares of Deccan Chronicle Holdings Ltd, whose promoters have pledged a significant portion of their holdings in the past few days, slipped down further today to a new 52-week low, after attempts to recover from yesterday’s lows proved to be short-lived. The stock, which had closed at Rs 16.70 yesterday, pulled back today to a high of Rs 18.25. But it was not able to hold on to the gains and slipped down to Rs 15.20, a new 52-week low, before recovering to Rs 16.40.There was a surge in trading volume in the counter with about 88.73 lakh shares being traded. Promoters of the company, who had pledged 11.28 crore shares forming 54 per cent of the equity capital with Future Capital Holdings Ltd to raise funds, have pledged an additional 14.46 per cent stake with Religare Finvest.