Pankaj Jain, Director, Sunteck Wealthmax Capital Pvt Ltd told CNBC-TV18, "Elder Pharma did hit a very serious air pocket couple of days back and the reason for that was pledge shares, one of the private sector unlisted bank, they sold off substantial chunk of shares."
He further added, "There were rumors that promoters have also sold some shares, but yesterday results were announced and results were pretty decent and company has strongly refuted that promoters have not sold any part of the shares, though large number of promoter holding is pledged that is definitely a area of concern, but by and large it is a decent pharmaceutical company they have some decent brands 'Shelcal' is one of their popular brands. So taking that into consideration stock is at upper circuit today. I think stock could again claw back to levels closer to Rs 320- 330. So as of now I would give benefit of doubt to the management and stay with the stock. So as of now you stay with the stock, no reason of extra worry seems to be like that."
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