Plethico Pharmaceuticals tanks as lenders invokes pledged shares

The stock currently trading at its three-year low and has tanked 35% in past two trading sessions

Plethico Pharmaceuticals has hit the lower circuit filter of 20% at Rs 214, for a second consecutive day after its lenders invoked a part of the pledged shares.

In a disclosure to the Bombay Stock Exchange on Tuesday, the company said that ACG Associated Capsules Private Limited has invoked 200,000 pledged shares and Mangal Keshav Capital has invoked 130,000 pledge shares in past one week.

The promoter - Shashikant Patel had pledged almost his entire holding - 27.9 million shares or 82% of the equity as on June 30, 2012 - with lenders including Mangal Kesav Capital and ACG Associated Capsules Private Limited. According to market reports, the lenders may have offloaded the shares in the open market to recover dues.

 

The stock is currently trading at its three-year low market price has tanked 35% in past two trading sessions with no buyers available on the counter. A combined 8,544 shares have changed hands on the counter so far and there are pending sell orders for 268,658 shares on the NSE and BSE.