Meanwhile, the BSE Sensex was down 82.55 points, or 0.43%, to 19,008.62
On BSE, 2.56 lakh shares were traded in the counter as against an average daily volume of 4.17 lakh shares in the past one quarter.
The stock hit a high of Rs 84.05 and a low of Rs 80.20 so far during the day. The stock had hit a 52-week high of Rs 161 on 20 April 2010 and a 52-week low of Rs 55.55 on 28 February 2011.
The stock had outperformed the market over the past one month till 18 April 2011, gaining 20.57% compared with the Sensex's 6.78% rise. However, the scrip underperformed the market in past one quarter, falling 20.67% as against no change in the Sensex.
The mid-cap newspaper publisher has an equity capital of Rs 48.69 crore. Face value per share is Rs 2.
Reportedly the market regulator Securities & Exchange Board of India (Sebi) on Monday, 18 April 2011, allowed Deccan Chronicle Holdings promoters to buyback up to 3.45 crore shares or 14.17% equity from the market at an estimated cost of up to Rs 270 crore. In case of 100% response to the buy-back offer, promoters stake in the company could go up to 73.83% from 63.37% currently.
In January 2011, Deccan Chronicle Holdings had obtained the approval of shareholders to buyback shares at a price not exceeding Rs 189 per share for an aggregate amount of up to Rs 270 crore.
However, Sebi while exempting Deccan Chronicle Holdings from making the mandatory public announcement under the Takeover Code before coming out with the buyback offer, has, however, asked the company not of seek any further exemption pursuant to any further buyback.
Reports citing a Sebi order said that repeated buyback offers by a company is not something that Sebi, as a regulator, would like to encourage, given the fact that it would be misused by entities to consolidate their holding at the expense of the company.
This is the second buyback offer from Deccan Chronicle Holdings. The company had come out with the first buy-back offer in August 2009 when it bought back 4.84% equity stake.
Deccan Chronicle Holdings' net profit fell 54.7% to Rs 35.18 crore on 14.5% fall in net sales to Rs 199.61 crore in Q3 December 2010 over Q3 December 2009.