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On Monday, shares of Elder Pharma were tanked by 10 per cent after the company has informed BSE that pledged shares have been invoked. On Saturday, shares had tanked almost 20 per cent and was locked in lower circuit after Ratnakar Bank offloaded 1.4 lakh shares for nearly Rs 5 crore.
On Monday, shares of Elder Pharma were closed at Rs 224.6, down by 10 per cent or Rs 24.95 on BSE. According to data from BSE, promoters have pledged about 80 per cent stake out of 39.99 per cent stake in the company.
On Monday, the BSE has announced that there will be circuit filters on stocks including Elder Pharmaceuticals with effective from Monday, 13th May. Elder Pharmaceuticals is set to have a ten per cent limit on how much their share price can move during the day.
A statement from Elder Pharma said, ""Ratnakar Bank Ltd. have invoked pledge of our company’s shares and have on 10th and 11th instants sold some of them in the market. 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".
The shares were purchased on an average price of Rs 320.65.
