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Wockhardt shares bounce back after Monday's steep fall

Wockhardt shares bounce back after Monday's steep fall
Wockhardt: Quotes, News
BSE 266.30BSE Quote7.25 (2.72%)
NSE 266.45NSE Quote7.25 (2.72%)
Shares in Wockhardt rallied in trade on Tuesday after Monday's steep fall after the company said that it had received a warning letter from the US FDA for its Waluj plant.

Shares of the company were last traded higher by 2.4 per cent on the National Stock Exchange.

"With reference to the earlier announcement dated May 24, 2013, regarding the import alert from the US FDA on the Company's Waluj facility, Wockhardt Ltd has now informed BSE that the Company have received a "warning letter", which lists the observations made during the inspection. The Company has already initiated several corrective actions to resolve the same," the company has stated in a release.

"Our earlier clarification on the implications of the import alert on the Company's consolidated revenues for the current financial year remain unchanged. If any additional measures are necessary, the Company would take them to squarely address all concerns. The Company continues to cooperate with FDA to resolve the issues at the earliest," the company has stated.

Wockhardt in the past has been at the receiving end for some of its facilities from the US FDA. The stock which was on fire a few months ago has been reacting to news of warnings from the US FDA.

Read more about: wockhardt
Story first published: Tuesday, July 23, 2013, 12:08 [IST]
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