Deccan Chronicle continues free fall; down nearly 5%

Shares of Deccan Chronicle extended their fall and were down 4.7 percent after a media report that Karvy Stock Broking has filed a criminal complaint against the company.

According to a report in Business Standard, the first information report filed by the brokerage suggested that it was a case of pledging shares with multiple agencies.

The stock had fallen 10 percent on Wednesday on the news.

[caption id=“attachment_401635” align=“alignleft” width=“380”] Reuters[/caption]

A Karvy spokesperson has told the newspaper that it found that the company had provided incorrect information and also misused documents. The complaint filed with the police is based on these facts, the spokesperson said.

Recently, there were reports that IFCI has filed a petition in the Andhra Pradesh High Court seeking appointment of a liquidator for the company’s assets.

It had also said the company is insolvent and defaulted on non-convertible debentures worth Rs 28 crore.