Wockhardt fell 3.04% to Rs 640 at 9:24 IST on BSE after the company said the regulator in Himachal Pradesh has suspended the manufacture and sale of a product.
The company made the announcement after market hours on Wednesday, 23 April 2014.
Meanwhile, the BSE Sensex was down 6.09 points, or 0.03%, to 22,870.45.
On BSE, so far 58,000 shares were traded in the counter, compared with an average volume of 3.91 lakh shares in the past one quarter.
The stock hit a high of Rs 650 and a low of Rs 632.10 so far during the day. The stock hit a 52-week high of Rs 1,944.85 on 2 May 2013. The stock hit a 52-week low of Rs 336.60 on 16 December 2013.
The stock had outperformed the market over the past one month till 23 April 2014, rising 50.39% compared with the Sensex's 5.15% rise. The scrip had also outperformed the market in past one quarter, rising 55.82% as against Sensex's 7.03% rise.
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The mid-cap company has an equity capital of Rs 54.88 crore. Face value per share is Rs 5.
Wockhardt announced that the State Drug Controller, Himachal Pradesh, has suspended the manufacture, sale or distribution of Fixed Dose Combination (FDC) Dicyclomine Hydrochloride IP 10 milligram (mg), Tramadol Hydrochloride IP 50 mg and Acetamenophen IP 325 mg. Wockhardt did not give the reason for the suspension.
The company in order to revoke the said suspension is filing an appeal before the State Government under the provisions of applicable law. The product contributed less than 3% of the consolidated sales of Wockhardt during the financial year ended 31 March 2014 (FY 2014), the company said in a statement.
On a consolidated basis, Wockhardt's net profit fell 28.8% to Rs 304.45 crore on 13.8% decline in net sales to Rs 1236.35 crore in Q3 December 2013 over Q3 December 2012.
Wockhardt is a high-technology intensive global pharmaceutical and biotechnology company with multi-disciplinary and innovative R&D programmes. It has three research centres globally and manufacturing facilities across India, USA, UK and Ireland. The company has a significant presence in USA, Europe and India.
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