Wockhardt share price plunged by almost 14 per cent intraday in today’s trading which is the most in six months after its 3rd drug-manufacturing plant in India was banned by the Food and Drug Administration from importing products into the U.S.
Wockhardt share price is currently trading at Rs 924.80 apiece on NSE down by 8.90 per cent.
The FDA announced in an alert which was posted on Friday that it had banned all drugs as well as drug products produced by the factory which is based in Ankleshwar, India. This plant makes bulk ingredients according to the annula report of Wockhardt. The agency recently inspected the Ankleshwar facility along with three others, the company said in the report, and it had also responded to those findings.
Details of FDA’s observations have not been made public, and Lyndsay Meyer, a spokeswoman for the agency, said via phone that the FDA does not publicly disclose such details. Wockhardt Ltd did not immediately respond to a request for the comment.
The agency also banned two other Wockhardt factories in the year 2013 which includes one that made copies of a popular heart pill, Toprol-XL. The Ankleshwar plant is one of 44 facilities on the list of FDA of banned manufacturing factories in India, most of which are the result of stepped-up enforcement by the agency as the U.S. relies more on producers there and in China for generic drugs and ingredients.
In today’s trading session a total of 27,34,949 shares of the Company has exchanged hand on the NSE counter as against the daily average (20 days) of 16,17,573.
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