Wockhardt hits 52-week low on UK import alert
The UK drug regulator has issued an import alert on the company's Waluj plant near Aurangabad, which makes injectables and solid dosages. The US Food and Drug Administration had in May issued a similar import alert.
July 08, 2013 / 17:08 IST
Moneycontrol Bureau
Shares of pharmaceutical company Wockhardt slipped further on Monday morning and hit a 52-week low of Rs 872.45 on NSE following an import alert issued by United Kingdom's drug regulator on its export oriented facility at Waluj in Aurangabad.The stock had declined 8 percent on Friday and is down near 60 percent since its 52-week high of Rs 2,168.80, it touched on March 12.The company makes injectables and solid dosages at the Waluj plant and is expecting around USD 100 million hit on an annualised basis due to the import alert issued by UK Medicines and Heatlhcare Products Regulatory Agency (MHRA).The UK drug regulator is not the first to issue such an alert on that facility. In May, the US Food and Drug Administration too had issued an import alert, which meant the Mumbai-based company wouldn't be able to export products from Waluj and instead would have to shift production elsewhere.An import alert means detention of drugs without physical examination from firms, which have not complied with current good manufacturing practises, the US drug regulator had stated.Wockhardt has said earlier too that it is taking steps to address concerns by the FDA.At 10:10hrs, Wockhardt shares were down 2.4 percent at Rs 893.80 on NSE. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
