Mumbai: Shares of Deccan Chronicle Holdings on Friday jumped over 12% on the buzz that it has sold its entire stake in the Hyderabad IPL team, Deccan Chargers, for $300 million.
Shares of Deccan Chronicle Holdings Ltd (DCHL) settled at Rs138, up 12.15% on the Bombay Stock Exchange. Shares during the trade surged 14.34% to touch a month-high at Rs140.70.
A similar trend was seen on the National Stock Exchange, where the scrip closed at Rs134.70, up 9.47%. On the volume front, over Rs95.4 lakh shares of the company changed hands on both the bourses.
The sudden spurt in the stock was witnessed amid media reports that the company has sold 100% stake in Deccan Chargers, the franchise that represents Hyderabad in the Indian Premier League (IPL), for $300 million.