Orchid Chemicals tanks over 20% post Q4 results

Orchid Chemicals and Pharmaceuticals has tanked 11% to Rs 124, extending its 13% fall, after reported 66% year-on-year (y-o-y) drop in net profit at Rs 20.55 crore for the fourth quarter ended March 31, 2012. Net sales too, dipped 9% at Rs 452 crore on y-o-y basis.

The performance was impacted mainly due to few setbacks during the year like the API plant closure, higher interest costs, the weakening rupee, which impacted the FCCB redemption, and the fire accident at the R&D centre.

The counter have seen huge trading activity, with a combined 3.07 million shares have already changed hands on the counter till morning deals, against an average 1.5 million shares that were traded daily in past two weeks on both the exchanges.