CSK owners India Cements stated in its petition that it had been denied justice in the verdict.
The last two years have been controversial for CSK, even as they continued to maintain their excellence on the field of play.
Top sources in the company said they held discussions on the Lodha committee.
Reversing its positive opening, the stock fell sharply by 6.31% to Rs 88.25 on BSE.
All eyes are on Justice Lodha committee appointed by Supreme Court as they are about to announce the verdict champion IPL team Chennai Super Kings and Rajasthan Royals.
India Cements is the same company that once owned the IPL franchise, Chennai Super Kings.
Srinivasan has been in the eye of the storm ever since the IPL 2013 spot-fixing and betting controversy broke.
India Cements said it has completed required documentation for transfer of CSK franchise.
The slide in India Cements stock price seems to be due to Supreme Court raising the issue of conflict of interest.
N Srinivasan said the city of Chennai needed an IPL team and hence he bid for one.