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Wockhardt tanks 19% after USFDA import alert

By Religare
|

Shares of pharmaceutical firm Wockhardt Ltd fell as much as 19 per cent in the morning trade on Bombay Stock Exchaneg (BSE) after USFDA issued an "import alert" on medicines manufactured at company's plant at Aurangabad in Maharashtra following a safety inspection.

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

The stock fell 19 per cent to hit the low of Rs 1,066 on BSE and has declined over 27 per cent in the two sessions from Rs 1,644.05 on Wednesday.

 

The company expects a revenue loss of USD 100 million on annualized basis following the import alert.

At 12:15 hours, shares of the company were trading at Rs 1,168 a piece, down 11.20 per cent from previous close on BSE.

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