Elder Pharma shares slump on reports of its financial crunch

Elder Pharma shares slumped on Monday after the company said that it is facing severe financial crunch.

Elder Pharmaceuticals shares fell as much as 6 per cent after the company on Saturday said it is facing severe financial crunch and consequently the audit for the financial year ended June 30, 2015 has been delayed.

Its shares fell 5.37 per cent in the overall day's trade to close at Rs 83.65 apiece on the Bombay Stock Exchange.

The company said that it is in the process of completing audit as early as possible and will submit the audited financial results in due course of time.

Elder Pharma's shares have fallen as much as 18.7 per cent this year.