Meanwhile, the BSE Sensex was down 95.96 points, or 0.6% to 15,843.40.

On BSE, 1.47 lakh shares were traded in the counter as against average daily volume of 4.76 lakh shares in the past one quarter.

The stock hit a high of Rs 140.45 and a low of Rs 136.20 so far during the day. The stock had hit a 52-week low of Rs 112.25 on 19 December 2011. The stock had hit a 52-week high of Rs 324.65 on 4 April 2011.

The stock underperformed the market over the past one month till 3 January 2012, falling 16.5% compared with Sensex's 5.39% decline. The scrip had also underperformed the market over the past one quarter, declining 8.7% as against Sensex's 1.31% fall.

The small-cap pharmaceutical company has an equity capital of Rs 70.44 crore. Face value per share is Rs 10.

The Orchid Chemicals stock had jumped 10% in two trading sessions to settle at Rs 139.65 on Tuesday, 3 January 2012 from Rs 126.85 on Friday, 30 December 2011, after the company announced during trading hours on Monday, 2 January 2012 that it has successfully completed the phase I trial of its orally administered PDE4 inhibitor molecule OCID 2987 in Europe.

Orchid Chemicals & Pharmaceuticals said that the phosphodiesterase 4 inhibitor (PDE4) molecule OCID 2987 is positioned for the treatment of inflammatory disorders including chronic obstructive pulmonary disease (COPD). The phase I study of the molecule was conducted to evaluate the safety, tolerability, pharmacokinetic and pharmacodynamic effects of OCID 2987 at escalating single or repeated doses on healthy male volunteers. OCID 2987 was well tolerated up to the highest doses administered in both single and repeat dose studies and did not demonstrate a potential for nausea/emesis, a common unacceptable side-effect with most PDE4 inhibitors. There were no serious adverse events or any cardiac safety concerns reported in the study, Orchid said in a statement.

Orichid's drug discovery efforts are conducted through its wholly owned subsidiary, Orchid Research Laboratories.

Commenting on the development, Mr K Raghavendra Rao, CMD, Orchid Chemicals & Pharmaceuticals said, "We are extremely pleased with the results of the phase I study of OCID 2987 and are committed to moving the molecule further in clinical development for the treatment of COPD and other inflammatory diseases. Given the positive results achieved in the earlier animal trials and now the phase I trial, we are confident of successfully completing the further trials as we move forward".

On a consolidated basis, Orchid Chemicals & Pharmaceuticals' net profit rose 19.6% to Rs 20.73 crore on 17.8% growth in net sales to Rs 458.75 crore in Q2 September 2011 over Q2 September 2010.

Orchid Chemicals & Pharmaceuticals is a leading pharmaceutical company headquartered in Chennai. The company is involved in the development, manufacture and marketing of diverse bulk activities, formulations and nutraceuticals.