Wockhardt slips over 9 per cent

Wockhardt on Aug 8, has slipped over 9 per cent. The scrip on Aug 8 has opened at Rs 955 and has failed to sustain Rs 955 level. Shares as at 11.56 am are currently trading at Rs 925. Shares have largely reacted to media reports pertaining to the news that US Food and Drugs Administration (FDA) has issued an import alert to Wockhardt’s Ankleshwar plant for alleged violation of goods manufacturing practices. This is the drug maker’s third plant to receive an import alert from the US drug regulator. The move is a setback, to the company’s plans to revive its US business. On the other hand, BSE has asked for clarification from the company on the same and the reply is awaited. Company will declare its Q1FY17 on Aug 13, which will further be indicative of the stock performance.

Meanwhile, the shares in the last 3 months have surged by 1 per cent. In the last 1 month,  the scrip has plunged by 3 per cent. If compared with the closing price of Aug 5, the shares in the last 1 month have given a return of 7 per cent, which certainly means the stock has scripted a different story on Aug 8.

Wockhardt is a global, pharmaceutical and biotechnology company. The company has 7 hospitals across India. Wockhardt's market presence covers formulations, bio pharmaceuticals, nutrition products, vaccines and active pharmaceutical ingredients (APIs).