The bankrupt Orchid Pharma Ltd. is registering a steep rise in its stock prices. Its stocks have increased by about 6500% in just 4 months starting November 2020. The upper circuit started right from the day when the company was relisted on 3rd November 2020 with new promoters taking the charge.
Who bought Orchid Pharma Ltd.?
Dhanuka Lab bought the Orchid Pharma Ltd. under the resolution plan if NCLT and relisted it on the stock exchange in November. Soon after the relisting, the stocks Orchid Pharma Ltd. adopted an upward trend. Its stocks have been put on an upper circuit every day including today when the its stocks have a 5% upper circuit.
At the time of relisting, the company’s share sold at only Rs. 18 but today it is Rs. 1186. In March 2020, the company registered a revenue of Rs 505.45 crore and loss of Rs 149.84 crore. But its revenue slumped to Rs 102.63 crore and lost Rs 45.33 crore in December but it didn’t prevent the stocks from rising.
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