Meanwhile, the S&P BSE Sensex was down 131.02 points or 0.67% at 19,310.05.
On BSE, 8,496 shares were traded in the counter as against average daily volume of 57,109 shares in the past one quarter.
The stock hit a a low of Rs 347.70 so far during the day. The stock had hit a 52-week low of Rs 202.15 on 14 May 2013. The stock had hit a record high of Rs 474 on 5 December 2012.
The stock had outperformed the market over the past one month till 10 June 2013, surging 9.14% compared with the Sensex's 3.19% slide. The scrip had also outperformed the market in past one quarter, rising 3.26% as against Sensex's 1.23% slide.
The small-cap company has equity capital of Rs 20.54 crore. Face value per share is Rs 10.
As per reports, Elder Pharmaceuticals has mandated a multinational consultancy firm and a Japanese investment banking firm to manage a formal process to find a buyer through a negotiated transaction. The company's advisors are currently doing a vendor due-diligence at the corporate office in Mumbai to review the business ahead of offering assets to a potential buyer, the reports added.
Elder Pharmaceuticals' consolidated net profit rose 15.3% to Rs 20.99 crore on 6.6% decline in net sales to Rs 322.74 crore in Q4 March 2013 over Q4 March 2012.
Elder Pharmaceuticals is a Mumbai-based pharmaceutical manufacturing and marketing organization.
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