Coronavirus outbreak has not only made a major impact on human lives but also on business and share market. The sporting activities have come down to a standstill due to which the teams have to suffer some unexpected huge losses. Recently, Chennai Super Kings (CSK) dealt with a major blow as their shares have fallen around 20% due to the ongoing calamity.
The novel virus has put the 13th edition of Indian Premier League (IPL) that was scheduled to begin from March 29 in the troubled waters. COVID-19 pandemic forced BCCI to postpone the tournament to mid-April looking forward to the alarming conditions in the country and across the globe. They thought the things might get normal in a span of 20 to 25 days but it hasn’t happened.
The things have gone from bad to worse as the death rates due to the transmission of Coronavirus have increased. Recently, Narendra Modi, the Indian Prime Minister also announced a lockdown across the country until 14th April. Now, BCCI is expected to take a decision over the commencement of the cash-rich league in the upcoming days.
Chennai Super Kings suffers loss in share market
Meanwhile, CSK has to suffer huge losses due to the uncertainty around IPL 2020. Their shares are getting traded at a rate of INR 24 each each at a market value of Rs 800 crore in the informal market. Earlier, their estimated value was INR 1000 Crores. An investment banker in the know of things said that it is because of the coronavirus effect on the cash-rich league.
“The last trades in CSK have happened at Rs 24, much lesser than the Rs 30 that happened a few months ago. Obviously, this is the impact of the likely cancellation of IPL 2020 on the team’s valuations,” an investment banker said as quoted by Economic Times.
According to Duff & Phelps reports in 2019, Mumbai Indians had the highest brand value among all the teams in IPL that was around INR 809 Crores followed by CSK whose brand value was INR 732 Crores and Kolkata Knight Riders’ value of INR 629 Crores.
Coming onto the history of the tournament, CSK is one of the most successful franchises in the tournament. They successfully won IPL on three occasions. Moreover, they are the only team to feature in the play-offs stage of every edition since the tournament came into existence.
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