Wockhardt has tanked 7% to Rs 653 after reporting a sharp 78% year on year decline in consolidated net profit at Rs 74.45 crore for the quarter ended March 2014 (Q4FY14) mainly due to regulatory issues with US and UK health regulators. The pharmaceutical company had posted a net profit of Rs 335 crore in the corresponding period of the previous fiscal.
Consolidated net sales of the company also declined by 30% to Rs 1,039 crore for the quarter under consideration from Rs 1,486 crore for the same period year ago, Wockhardt said in a regulatory filing.
The stock opened at Rs 672 and touched a low of Rs 640 on NSE. A combined 263,000 shares changed hands on the counter in early morning deals on NSE and BSE.
Consolidated net sales of the company also declined by 30% to Rs 1,039 crore for the quarter under consideration from Rs 1,486 crore for the same period year ago, Wockhardt said in a regulatory filing.
The stock opened at Rs 672 and touched a low of Rs 640 on NSE. A combined 263,000 shares changed hands on the counter in early morning deals on NSE and BSE.