Elder Pharma hits new low

Elder Pharma does not seem to be in good health today. The stock opened itself 105 lower, hitting a 52-week low of Rs.224.60 and was frozen on the lower circuit. Almost 2.4 lakh pending sell orders remained on the counter.

The stock hit the bottom after institutional investor, Ratnakar Bank sold 1.4 lakh shares for nearly Rs 5 crore, through open market transaction. More dampening was the news that promoters had pledged 80% of their holding as per the latest shareholding data.