Shares of Elder Pharma are down close to 3% at Rs 310, with BSE volumes touching 64,000 shares against two-week average of 28,000 shares. Broader indices are trading higher by 1% and CNX Pharma index is down 0.6%.

Company’s Chairman and Managing Director, Mr. Jagdish Saxena, 74, passed away yesterday morning after a prolonged illness. The market probably got a wiff of this development, as shares ended 2% lower yesterday also, at Rs. 317.75, after opening firm at 325. The stock exchanges were informed of the demise after market hours.  

This Mumbai-based formulation maker was recently in the news as it was running a mandate to exit its business to either Sanofi or other domestic pharma company, to pare Rs. 1,400 crore debt. For 15 months ended 30^th June 2013, this calcium supplement ‘Shelcal’ maker reported sales of Rs. 1,642 crore and net profit of Rs. 82 crore.