Meanwhile, the S&P BSE Sensex was up 85.73 points or 0.44% at 19,777.40.
On BSE, 1.15 lakh shares were traded in the counter as against average daily volume of 21,208 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 lower circuit level at Rs 202.15 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 13 May 2013, tumbling 37.67% compared with the Sensex's 7.94% rally. The scrip had also underperformed the market in past one quarter, sliding 37.62% as against Sensex's 0.43% rise.
The small-cap company has equity capital of Rs 20.54 crore. Face value per share is Rs 10.
Shares of Elder Pharmaceuticals have tumbled 45.76% in five trading sessions from a recent high of Rs 372.70 on 8 May 2013. The stock had tumbled by the maximum permissible level of 10% to settle at Rs 224.60 on Monday, 13 May 2013, after the company during trading hours on Monday, 13 May 2013 said that Ratnakar Bank has invoked pledge of the company's shares and sold some of the pledged shares in the market on 10 May and 11 May 2013.
Elder Pharmaceuticals said that neither the promoters nor persons acting in concert have sold any shares in the market.
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 organization.
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