Wockhardt slumped 9.12% to Rs 1,377.20 at 14:00 IST on BSE after the reports that the company has received Form 483 from the US drug regulator for its Shendra plant in Aurangabad, Maharashtra.
Meanwhile, the S&P BSE Sensex was down 44.09 points or 0.18% at 24,715.90.
High volumes were traded on the counter. On BSE, so far 6.82 lakh shares were traded in the counter as against average daily volume of 1.48 lakh shares in the past one quarter. The stock hit a high of Rs 1,520 and a low of Rs 1,323 so far during the day. The stock had hit a 52-week high of Rs 2,000 on 8 April 2015. The stock had hit a 52-week low of Rs 1,021.50 on 15 January 2015.
The inspection by United States Food & Drug Administration (USFDA) at Wockhardt's Shendra plant ended on 14 January 2016. Form FDA 483, "Inspectional Observations," is a form used by the FDA to document and communicate concerns discovered during inspections.
In another instance, 62,555 bottles of Azithromycin tablets manufactured by Wockhardt are reportedly being recalled by PD-Rx Pharmaceuticals Inc in the US market.
On consolidated basis, Wockhardt's net profit rose 2863.9% to Rs 107.59 crore on 29.9% growth in net sales to Rs 1231.65 crore in Q2 September 2015 over Q2 September 2014.
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Wockhardt is a research based and technology intensive global pharmaceutical and biotechnology company.
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