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USFDA issues "import alert" on Wockhardt's EOU in Aurangabad, shares tank 19%

By Religare
|

US Food and Drugs Administration (FDA) has issued an "import alert" on medicines manufactured at Wockhardt's Export Oriented Unit (EOU) at Aurangabad in Maharashtra following a safety inspection.

The "import alert" means that drugs manufactured at this Aurangabad plant will be impounded by US customs when exported to America.

The development deals a serious blow to India's pharma industry which was last week shaken after Ranbaxy pleaded guilty to criminal charges of fraud and adulteration and agreed to a USD 500 million settlement with the US government. Ranbaxy admitted its products were adulterated and it had forged data.

 

Shares of Wockhardt fell as much as 19 per cent in the morning trade on Bombay Stock Exchange (BSE) after the announcement by its Chairman Habil Khorakiwala, who said the company expects sales worth USD 100 million to be affected by the decision.

Read more about: wockhardt
Story first published: Friday, May 24, 2013, 23:38 [IST]
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