Elder Pharma tumbles to 52-week low on sale of pledged shares

The company made the announcement during trading hours today, 13 May 2013.

Meanwhile, the S&P BSE Sensex was down 172.12 points or 0.86% at 19,950.20.

On BSE, 55,000 shares were traded in the counter as against average daily volume of 19,565 shares in the past one quarter.

The stock opened with a downward gap, tumbling by the maximum 10% daily circuit and remained locked at the 10% level at Rs 224.60 so far in the day, which is also a 52-week low for the counter. The stock had hit a record high of Rs 474 on 5 December 2012.

The stock had underperformed the market over the past one month till 11 May 2013, declining 21.59% compared with the Sensex's 8.52% rally. The scrip had also underperformed the market in past one quarter, sliding 30.23% as against Sensex's 3.4% gain.

The small-cap company has equity capital of Rs 20.54 crore. Face value per share is Rs 10.

Elder Pharmaceuticals said that neither the promoters nor persons acting in concert have sold any shares in the market.

Shares of Elder Pharmaceuticals had witnessed a steep slide recently. The stock had tumbled 33.04% in three trading sessions to settle at Rs 249.55 on Saturday, 11 May 2013, from a recent high of Rs 372.70 on 8 May 2013.

Elder Pharmaceuticals' consolidated net profit rose 2.1% to Rs 18.67 crore on 9% growth in net sales to Rs 374.02 crore in Q3 December 2012 over Q3 December 2011.

Elder Pharmaceuticals is a Mumbai-based pharmaceutical manufacturing and marketing organisation.

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