Wockhardt lost 2.24% to Rs 674.10 at 10:37 IST on BSE after the company informed that US Food and Drug Administration has issued a warning letter to its stepdown subsidiary, C P Pharmaceuticals, Wrexham, United Kingdom.
The announcement was made during market hours today, 23 November 2016.Meanwhile, the S&P BSE Sensex was down 46.39 points or 0.18% at 25,914.39
On BSE, so far 2.27 lakh shares were traded in the counter as against average daily volume of 2.93 lakh shares in the past one quarter. The stock hit a high of Rs 685 so far during the day. The stock hit a low of Rs 659 in intraday trade so far, which is 52-week low for the counter. The stock had hit a 52-week high of Rs 1,748.20 on 2 December 2015. The stock had underperformed the market over the past 30 days till 22 November 2016, sliding 22.08% compared with the 7.87% decline in the Sensex. The scrip also underperformed the market in past one quarter, falling 14.13% as against Sensex's 7.48% decline.
The mid-cap company has equity capital of Rs 55.27 crore. Face value per share is Rs 5.
Wockhardt said that currently, there is no business being conducted from C P Pharmaceuticals to the US Market. C P Pharmaceuticals has already initiated required steps to address the concerns raised by US Food and Drug Administration (USFDA) and will be responding to the agency within the prescribed time, Wockhardt said.
Wockhardt's consolidated net profit fell 81.59% to Rs 17.02 crore on 10.05% decline in total income to Rs 1084.59 crore in Q2 September 2016 over Q2 September 2015.
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Wockhardt is a research based and technology intensive global pharmaceutical and biotechnology company.
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