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Shares of Elder Pharma came under pressure today after the company said it is facing severe financial crunch.
At around 1.30 pm, shares were down 4.47 per cent or Rs 3.95 at Rs 84.45 on the BSE. The stock traded in a range of Rs 83.25 and Rs 88 in intra-day deals.
The company on Saturday said it is facing severe financial crunch and consequently the audit for the financial year ended June 30, 2015 has been delayed.
It said senior employees including junior and subordinate staff have resigned.
The company said it is in the process of completing audit as early as possible; and will submit the audited financial results in due course of time.
Elder Pharma's shares have fallen 18.7 per cent so far this year.
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