Wockhardt slumps 31% in 2-days on FDI alert

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Wockhardt slumps 31% in 2-days on FDI alert
Shares in pharma major Wockhardt were down another 11 per cent, after falling 20 per cent on Thursday after the U.S. Food and Drug Administration imposed an "import alert" on a plant operated by the generic drugmaker. The stock is at the lowest level since August 2012.

An "import alert", effectively a ban, results in detention without physical examination of drugs from firms that have not met so-called good manufacturing practices, according to the FDA website.
Wockhardt had said on Thursday that FDA alert could potentially affect $100 million in revenue on an annualised basis, but said it should be able to restore most of that within 6 to 9 months by shifting production to other facilities.

Wockhardt shares were down nearly 11 percent at 10.45 am.


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