Orchid Pharma locked at upper circuit as NCLT approves resolution plan

Orchid Pharma has a debt of Rs 3,200 crore to 24 banks.

Shares of Orchid Pharma locked at 5 percent upper circuit on June 26 after NCLT approved Dhanuka Laboratories' resolution plan.

There were pending buy orders of 146,540 shares, with no sellers available.

The National Company Law Tribunal (NCLT), Chennai, has approved Dhanuka Laboratories' resolution plan of Rs 1,116 crore for Orchid Pharma, reported CNBC-TV18.

Orchid Pharma has a debt of Rs 3,200 crore to 24 banks.

Orchid Pharma is among the 28 large defaulters identified by RBI in its second IBC list.

At 11:50 hrs Orchid Pharma was quoting at Rs 4.71, up to Rs 0.22, or 4.90 percent.

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