Elder Pharma hits 4-year low as lender offloads pledged shares
The stock currently trading at its lowest level since May 2009, has tanked 46% in past five trading sessions on BSE.
Elder Pharma is locked in lower limit of circuit filter for third consecutive day, down 10% at Rs 202, its lowest level since May 2009 on BSE after the company said an institutional investor invoked pledged shares and sold them in the open market. The stock has tanked 46% in past five trading sessions.
A combined 121,724 shares changed hands on the counter and there are pending sell orders for 460,514 shares on BSE and NSE at 1036 hours.
“Ratnakar Bank Limited have invoked pledge of our company’s shares and have on 10th and 11th instants sold some of them in the market,” Elder Pharma said in regulatory filing.
This has affected the market price of the shares and the volume also has increased. However, kindly note that neither the promoters nor persons acting in concert have sold any shares in the market, it added.
According to data from BSE, promoters have pledged about 80% stake out of 39.99% stake in the company.
A combined 121,724 shares changed hands on the counter and there are pending sell orders for 460,514 shares on BSE and NSE at 1036 hours.
“Ratnakar Bank Limited have invoked pledge of our company’s shares and have on 10th and 11th instants sold some of them in the market,” Elder Pharma said in regulatory filing.
This has affected the market price of the shares and the volume also has increased. However, kindly note that neither the promoters nor persons acting in concert have sold any shares in the market, it added.
According to data from BSE, promoters have pledged about 80% stake out of 39.99% stake in the company.