US turmoil hits Orchid

The US financial crisis has taken its toll on Orchid Chemicals & Pharmaceuticals. The active pharmaceutical ingredients (API) manufacturer saw its stock price decline by about 44% since the start of the week after Bear Stearns decided to sell a million shares in the company.

The market value of the company has fallen to a third of what it was two months ago and made it vulnerable to a takeover, says another media report.

The company appears to have strong business prospects but the recent development has shaken investor confidence. It will be interesting to see if the management can overcome this crisis in confidence.

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