India, Sept. 21 -- Wendy's stock came under pressure after one of its major franchise operators filed for Chapter 11 bankruptcy protection. Shares of Wendy's (WEN) fell 3.58% on Friday, closing at $6.74. The stock touched an intraday low of $6.60, keeping it close to its 52-week low of $6.07.

Wendy's shares had also declined for four straight trading sessions by Friday. The latest fall adds to a much larger decline. Wendy's stock has lost roughly two-thirds of its value over the past three years.

The bankruptcy filing does not involve The Wendy's Company itself. The filing was made by Meritage Hospitality Group, a major Wendy's franchise operator. Meritage filed for Chapter 11 protection on September 17 in the US Bankruptcy Court for th...