Wockhardt shares jump 18% as promoters raise stake

Posted online: Saturday, Sep 07, 2013 at 0000 hrs
Mumbai : Wockhardt shares jumped nearly 18 % as promoters Khorakiwala Holdings & Investments raised their shareholding to 64.08% from 63.62% over a duration of 13 days. Khorakiwala Holdings have cumulatively purchased about five lakh Wockhardt shares for R22.95 crores since August 23, according to stock exchange filings. The stock of the pharma company, which has tumbled almost 65% since the first FDA notice in May, touched a high of R546.25 on the Bombay Stock Exchange on Friday. With more than 5 lakh shares changing hands, the stock closed at R513.75 on the BSE.

The company has suffered setbacks in the last few months, after the USFDA banned the import of any drugs produced in Wockhardt’s Waluj, Aurangabad, plant in May as it didn't meet the regulator’s standards of “good manufacturing practices”. In July, the FDA issued a warning letter, saying it will not approve any Wockhardt applications on new drugs until the company rectifies the concerns raised. The company has 46 generic drug applications pending with the FDA and it filed 20 applications in the past year.