Sell Wockhardt on rally: Mayuresh Joshi

Mayuresh Joshi of Angel Broking told CNBC-TV18, "Wockhardt has faced issues in the past related to its Waluj unit and again the UK regulator pulled up similar discrepancies in its Chikalthana unit. Therefore, in that sense a lot of bad news that was supposed to get affected has got rubbed off on to the stock."

"One may sell the stock on rallies because in my opinion Wockhardt would find it very difficult to breach Rs 530-540 levels. So, if the investor sees rallies on the stock then sell out on these rallies and possibly look out within this space with a longish view on stocks like Cadila Healthcare or Ipca Laboratories, which can give better returns to the investors over the next six-nine months," he added.