Shares in the group were valued at 51p this afternoon, after closing at 52p yesterday. During the media boom of 2000, Cordiant shares hit a high of almost 400p.
The fall comes as Cordiant CEO Michael Bungey is set to install Bates CEO David Hearn in the chief operating officer position at Cordiant, in an attempt to stem criticism about Cordiant's senior management from fund manager shareholders Julian Treger and Brian Myerson.
Treger and Myserson head a fund management group called Active Value, which has doubled its stake in Cordiant to 9% over the last two months to become the marketing services group's second biggest shareholder.
Bungey's hold on the CEO position has already been questioned in the wake of Bates losing the Hyundai advertising account in the US, and it is thought that Treger and Myerson are keen to push for a takeover of Cordiant by the French advertising group Havas.
As well as losing Hyundai and Wendy's, Bates lost the $35m CV Pharmaceutical work, meaning the agency has lost close to half its US billings in the space of a year, according to estimates.
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