By 0924 GMT, shares in Highlight were down 10.8 percent to 3.47 euros after earlier touching a low of 3.31 euros, while the Neuer Markt Nemax 50 index was down 0.07 percent.
"In common with all other agreements with the commercial partners of the UEFA Champions League, the Agency Agreement with TEAM will now terminate on 30 June 2003," Highlight said in a statement.
The announcement comes a month after Europe's leading clubs called on UEFA to introduce a ‘fair and open’ tender.
Last month the G-14 group of elite soccer clubs – which include Real Madrid, Barcelona, Bayern Munich, Juventus, AC Milan and Manchester United – called on UEFA to take such action.
UEFA chief executive Gerhard Aigner said his organisation was considering the issue and did not need advice from G-14.
Highlight, which owns 80 percent of TEAM Holding AG, said UEFA will tender the marketing rights of the UEFA Champions League as of the 2003-2004 season and said it was TEAM's priority to bid for an extension to the rights.
Shares in Highlight, which has a market capitalisation of about 160million euros ($138.4m), also came under pressure from an investment rating downgrade.
BHF-Bank analyst Roland Pfaender told Reuters he had cut Highlight to "Hold" from "Buy", saying it is unclear whether TEAM would obtain the UEFA marketing rights after 2003.
Highlight is trading 75 percent below its January year-high of 13.60 euros.
Shares in Swiss media company Highlight Communications dived on Wednesday after it said European soccer’s ruling body UEFA had, as expected, ended the UEFA Champions League rights deal with its TEAM subsidiary.
