Shares in Plethico Pharmaceuticals extended their losses for a sixth day. The stock underperformed the BSE healthcare index, which traded flat in a weak market. The strong selling pressure in the counter was on account of concerns that promoters' pledged shares might be invoked.
At 12.42 p.m., the stock was down 10 per cent at Rs 173.75 on the BSE. Plethico Pharma has now crashed nearly 50 per cent in the week since August 17.
The promoter stake in the company stands at 87 per cent, but 94 per cent of this has been pledged.
Earlier this month Mangal Keshav & ACG Associates had invoked 4.92 per cent of pledged shares totalling 16.7 lakh stocks.
The company is a leading global healthcare / pharmaceutical company with a strong emphasis on the herbal and nutraceuticals segments.
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