Wockhardt shares fell as much as 12.69 per cent intraday on Friday on reports the company has received a notice from the US Food and Drug Administration
Wockhardt shares fell as much as 12.69 per cent intraday on Friday on reports the company has received a notice from the US Food and Drug Administration highlighting concerns with its Shendra drug manufacturing plant in Aurangabad.
At 12.59 pm, shares of Wockhardt were trading 9.17 per cent down at Rs 1,376.45. The scrip opened at Rs 1515 and had touched a high and low of Rs 1520 and Rs 1323, respectively, in trade so far. Later, the shares ended 14.98 per cent down at Rs 1288.40.
Wockhardt plans to respond to the FDA’s observations in the so-called ‘Form 483’ with its corrective actions plan in 15 days, according to a report in a business daily.
Multiple Wockhardt plants are barred from exporting to its largest market, the United States.
A notice posted on the US FDA website on Wednesday said about 62,555 bottles of the antibiotic azithromycin manufactured by Wockhardt were being recalled because the company failed to adequately investigate consumer complaints about them.
In the past one year, the share price of Wockhardt gained 45.46 per cent to Rs 1,515.40 on January 14, 2016. The scrip was trading at Rs 1041.80 on the same day a year ago. Sensex fell 9.41 per cent during the same period.
(With inputs from Reuters)