Meanwhile, the S&P BSE Sensex was up 80.95 points or 0.33% at 24,632.12.

The stock slumped on heavy volumes. On BSE, so far 14.49 lakh shares were traded in the counter as against average daily volume of 3.45 lakh shares in the past one quarter. The stock's current price of Rs 19.05 is also its 52-week low for the counter. The stock hit a high of Rs 23.80 so far during the day. The stock had hit a 52-week high of Rs 47.25 on 11 June 2015. The stock had underperformed the market over the past one month till 15 March 2016, sliding 11.85% compared with Sensex's 4.23% rise. The scrip had also underperformed the market in past one quarter, declining 14.23% as against Sensex's 3.04% fall.

The small-cap company has equity capital of Rs 95.25 crore. Face value per share is Rs 2.

Lycos Internet in its clarification with regard to media reports said that its US step down subsidiary, Ybrant Media Acquisition (YMA) has filed for Chapter 11 protection with US courts in order to create breathing room necessary to complete settlement talks on Lycos Inc. purchase. The clarification was issued by Lycos Internet in the wake of media reports doing rounds that the company's US arm filed for bankruptcy protection.

In its clarification, Lycos Internet said that YMA is an acquisition vehicle that was used to buy and own Lycos Inc asset. Lycos Internet further said that YMA has no significant operations other than related to Lycos Inc ownership. The company has made $20 million first payment in 2010 towards the purchase of Lycos Inc. There is difference of opinion on the final amount due between the seller and the company, Lycos Internet said. The company has engaged in settlement discussions in this regard, Lycos added. The filing gives Lycos Internet necessary time and space to effectively continue the discussions and reach a settlement on the mode and amount of payment, it said. This will have no impact on the current overall operations of the company, Lycos Internet said. The company added that it is purely a move to protect the shareholder interest in the ownership of the asset Lycos Inc.

Lycos Internet's consolidated net profit rose 26.6% to Rs 125.17 crore on 20.6% growth in net sales to Rs 718.27 crore in Q3 December 2015 over Q3 December 2014.

Lycos Internet offers digital marketing solutions to businesses, agencies and online publishers.