Chennai-based Orchid Chemicals & Pharmaceuticals extended its losses on Tuesday snapping more than 10% after Monday`s rout where the stock almost nosedived 40% at the BSE.
The scrip closed today down Rs 13.10, or 10.31%, at Rs 113.95. Over 1.13 million shares were traded at the BSE. The scrip touched a high of Rs 137 and a low of Rs 109.15.
The stock plunged on Monday as the Orchid Chemicals` founders offloaded 7% stake due to margin calls. Bear Stearns also sold about a million shares of the company.
Orchid Chemicals & Pharmaceuticals reported 91.07% rise in net profit to Rs 541.173 million for the quarter ended December 2007 as compared to Rs 283.235 million for the quarter ended December 2006.
Total Income increased 39.33% to Rs 3,329.905 million for the quarter ended December 2007 from Rs 2,389.969 million for the quarter ended December 2006.
The scrip has slumped 48.05% over the past one week and 55.21% over the past one month.