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Updated April 1st, 2020 at 15:05 IST

CSK lose whopping ₹200 crore in stock market during last two months: Report

CSK suffered a massive blow as their shares fell around 20% due to the ongoing coronavirus pandemic and also because of the uncertainty around the IPL 2020.

Reported by: Jatin Malu
CSK
| Image:self
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The coronavirus pandemic has severely impacted the lives of people across the world. It has brought the world to an unprecedented, perhaps war-like standstill that has affected global share markets as well. All the sporting events have come to a halt, which is why sporting organizations, leagues and teams alike, have suffered huge losses.

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IPL 2020: CSK's brand value takes a hit due to the coronavirus crisis

Recently, IPL heavyweights Chennai Super Kings (CSK) suffered a massive blow as their shares fell around 20% due to the ongoing coronavirus pandemic. The coronavirus crisis has postponed IPL 2020 to April 15, which was earlier supposed to start on March 29. It was expected that things would get back to normal in 20-25 days but the situation in the country doesn't look promising yet. India is currently on a lockdown till April 15. The future of IPL 2020 will be decided by the BCCI in the upcoming days.

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CSK suffered losses due to the uncertainty around the IPL 2020. Their shares are getting traded at a rate of ₹24 each at a market value of ₹800 crore in the informal market. Earlier, their estimated value was ₹1000 crore and their shares were getting traded at ₹30 each. A leading investment banker told an Indian sports publication recently that the sudden dip in CSK's market value is because of the coronavirus effect on IPL 2020.

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The banker added that the last trade of CSK shares had happened at ₹24, much lesser than the ₹30 that happened a few months ago. The source added that this is the impact of the likely cancellation of IPL 2020 on the team’s valuation.

According to Duff & Phelps, Mumbai Indians topped the list of brand value amongst all IPL teams in 2019. The Mumbai-based franchise had the highest brand value among all the teams in IPL that was around ₹809 crore, followed by CSK whose brand value was ₹732 crore and Kolkata Knight Riders’ at ₹629 crore.

ALSO READ | BCCI delights fans on Instagram by posting picture of MS Dhoni; see pic

IMAGE COURTESY: CHENNAI SUPER KINGS TWITTER

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Published April 1st, 2020 at 15:05 IST

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