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

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Capital Market
Last Updated : May 13 2013 | 1:30 PM IST

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.

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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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First Published: May 13 2013 | 12:37 PM IST

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