Elder Pharma had hit a 52-week high at Rs.197.50 last year same day and today, though it has not hit a new high, it is up over 14.5% at Rs.115 levels with an intra day high of Rs.117.40.

The stock is up in the green, reacting to its announcement of yesterday that its Board of Directors is meeting on 28th Sept to consider sale of its overseas subsidiaries.

It is a known fact that the company is facing severe financial crunch and it is indeed in the process of restructuring. It is in fact re-negotiating with its prospective lenders. Last year, it sold its formulations business in India and Nepal to Torrent Pharma.