Wockhardt hits a new low
Wockhardt is currently the top loser of the day. It hit a new 52-week low at Rs.1064. Though it has recovered from this level, it remains firmly in the red.
The company’s saga with US FDA continues. The company had updated the bourses on 15th Jan evening that US FDA had raised concerns about its manufacturing practices at its plant in Aurangabad.
The company said that the US FDA had made 9 observations for which appropriate reply would be submitted to inspecting authority in due course.
This plant at Shendra is a new facility and presently there are no supply of products from the said Unit to USA markets.
The company’s two plants in Waluj and Chikalthana are as such currently under FDA ban, right from 2013. It hopes t get the plants reapproved this year. Before the bans, Wockhardt derived more than half of its revenues from its U.S. sales, but by last year that was down to about 25% and falling.