Wockhardt shares tank 5 pc on USFDA warning to arm

By: |
New Delhi | March 2, 2017 5:15 PM

Shares of Wockhardt today ended 5 per cent lower after the company said the US health regulator has issued a warning letter to its step down subsidiary Morton Grove Pharmaceuticals Inc.

(Reuters)

Shares of Wockhardt today ended 5 per cent lower after the company said the US health regulator has issued a warning letter to its step down subsidiary Morton Grove Pharmaceuticals Inc. The stock ended at Rs 713.90, down 4.95 per cent on BSE. Intra-day, it tumbled 6.67 per cent to Rs 701. On NSE, shares of the company dipped 4.84 per cent to close at Rs 713.65. The company’s market valuation also declined by Rs 410.98 crore to Rs 7,892.02 crore. On the volume front, 6.95 lakh shares of the company were traded on BSE and over 47 lakh shares changed hands at NSE during the day. “The United States Food and Drug Administration (USFDA) has issued a warning letter to Morton Grove Pharmaceuticals Inc, USA, a step down subsidiary of the company,” Wockhardt said in a filing to BSE yesterday.

The company, however, did not provide any details about the reasons for the issuance of warning letter and when it was issued. “This would mean that current portfolio of the company will continue to be made available in the market. However, new approvals will be withheld till resolution,” it said.
“The company, with the help of consultants, has already initiated appropriate measures since last several months to address the issues raised by USFDA,” Wockhardt added.

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