Pune, Dec 20 (DHNS): These are certainly not good times for Indian skipper Mahendra Singh Dhoni. With his Test captaincy under scrutiny after the series defeat against England, the value of “Brand Dhoni” has hit a new low.

Five brands have ended their association with Dhoni, who had become the most marketable and bankable sportsperson in the country. India’s 2011 World Cup victory under him had raised his image in the corporate world.

Companies like Cello and Dainik Bhaskar have ended their contract with Dhoni, but Rhiti Sports that manages Dhoni’s business interests played down the development, saying the companies could not afford the Indian captain anymore. “There’s no question of decrease in Dhoni’s brand value as he’s still the most sought-after cricketer, in fact the sportsperson, in the country,” said Arun Pandey, promoter of the firm.

However, it remains a fact that many companies that use Dhoni as brand ambassador are a bit worried about the sudden change in Dhoni’s fortunes. The Indian cricket team has been going through a wretched period since their tour of England mid-last year, losing in England, Australia and in the World T20 in Sri Lanka. To add to Dhoni’s woes, India had also lost the home series against England 2-1 recently. “It’s a common feature. Captain is perceived to be the face of the team. The ill fortunes of the team will directly affect the marketing possibilities of the captain, who is widely perceived to be responsible for the ups and downs of the team. If Dhoni gets his form back, he will find the deals coming his way again,” said a marketing expert.

However, there were firms that back Dhoni as well. Pepsi has renewed their endorsement with the Jharkhand batsman for an approximate sum of Rs 12 crore a year.

Not just Dhoni, even Sachin Tendulkar also recently lost out on many contracts recently after his poor string of scores that sparked talks about his retirement. Tendulkar recently lost contracts with Adidas, Canon and Toshiba, among a few others.