Wockhdart is locked in lower circuit of 10% at Rs 1,122 on concerns of flat growth in the current financial year 2013-14 (FY14).
The stock opened at Rs 1,250 and hit a high of Rs 1,263 on BSE. A combined 1.18 million shares have changed hands on the counter and there are pending sell orders for 73,978 shares on BSE and NSE at 1340 hours.
“The company expects a single digit growth and a marginal dip in Ebitda (earnings before interest, taxes, depreciation and amortisation) margin in FY14 because of the Food and Drug Administration (FDA) related issue,” Murtaza Khorakiwala, managing director, Wockhardt, said during a conference call of the company’s senior officials and analysts.
Meanwhile, the stock of pharmaceutical company has tanked 39% over the past nine trading sessions on reports that the company received an 'import alert' from USFDA on one of its manufacturing unit located in Waluj near Aurangabad.
Wockhardt said that it is taking all steps to address the concerns raised by USFDA and shall put all efforts to resolve the issue at the earliest.
The impact of the import alert on the revenues is estimated to be in the range of $100 million (approximately Rs 550 crore) on an annualised basis, it added.
The stock opened at Rs 1,250 and hit a high of Rs 1,263 on BSE. A combined 1.18 million shares have changed hands on the counter and there are pending sell orders for 73,978 shares on BSE and NSE at 1340 hours.
“The company expects a single digit growth and a marginal dip in Ebitda (earnings before interest, taxes, depreciation and amortisation) margin in FY14 because of the Food and Drug Administration (FDA) related issue,” Murtaza Khorakiwala, managing director, Wockhardt, said during a conference call of the company’s senior officials and analysts.
Meanwhile, the stock of pharmaceutical company has tanked 39% over the past nine trading sessions on reports that the company received an 'import alert' from USFDA on one of its manufacturing unit located in Waluj near Aurangabad.
Wockhardt said that it is taking all steps to address the concerns raised by USFDA and shall put all efforts to resolve the issue at the earliest.
The impact of the import alert on the revenues is estimated to be in the range of $100 million (approximately Rs 550 crore) on an annualised basis, it added.
