Orchid Pharma unable to step out of the red zone

In continuation of the losses accrued during early morning trade, pharmaceutical company Orchid Pharma has been unable to step out of the red. The stock has plunged by over 15%, trading on a new 52-week low value of Rs 20.25 per share. It witnessed a spurt in volume by more than 7.37 times.
 
Earlier, Orchid Pharma had informed that the National Company Law Tribunal (NCLT), Chennai Bench, has admitted a petition filed by Laxmi Vilas Bank in its capacity as an operational creditor under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC). The said order provides for commencement of the corporate insolvency resolution process (CIRP) and appointment of an interim resolution professional to take charge of the management of the company.
 
The company is in the process of exploring suitable legal recourse, including an appeal before the National Company Law Appellate Tribunal (NCLAT), in consultation with its counsel, said Orchid Pharma in a BSE filing on Tuesday post market hours.

Meanwhile, the scrip was trading at Rs 21.05 per share, down by Rs 2.90 or 12.11% as at 1115 hours on Wednesday, on the BSE. The stock attracted a traded volume of 12,11,516 shares and traded value of Rs 255.99 lakhs on the NSE.