BSE midcap, smallcap indices down over 2%

Since January 1, the smallcap index tanked 13%, while midcap index by 10% against 7% fall in the Sensex.

Shares of midcap and smallcap companies continued to remain under selling pressure for the second consecutive day falling by over 15% on the BSE.

Sharon Bio-Medicine, Morepen Laboratories, Marksans Pharma, Jenburkt Pharmaceuticals, Wockhardt, Vimta Labs, Alembic Pharmaceuticals, Aarti Drugs, Capiln Point Laboratories, Jubilant Life Sciences and Hester Biosciences from the pharmaceuticals were down 5%-12% on the BSE.

Indian Hotels, Alstom T&D, Torrent Power, Adani Power, IDBI Bank, Zee Entertainment, Reliance Capital, Astra Microwave Products and Om Metals the non-pharma stocks from mid and smallcap index down more than 10% each.

At 10:04 a.m. the S&P BSE Midcap index was down 2.5% and Smallcap index by 3.7% as compared to 0.59% decline in the S&P BSE Sensex.

Since January 1, the smallcap index tanked 13%, while midcap index by 10% against 7% fall in the benchmark index.

Wockhardt has dipped 11% to Rs 1,146 on the BSE in intra-day trade, extending its Friday’s 15% fall after the US Food and Drugs Administration (FDA) raises concerns about manufacturing practices at the company’s Shendra plant in Maharashtra. CLICK HERE TO READ FULL REPORT.

"Inspection of our manufacturing unit at E-1/1, MIDC, Shendra, Aurangabad by US FDA has since been completed. US FDA has made 9 observations for which appropriate reply would be submitted to inspecting authority in due course,” Wockhardt said in a regulatory filing.

Further to inform you that Shendra manufacturing unit is a new facility and presently there are no supply of products from the said Unit to USA markets, it added.

Marksans Pharma locked in lower circuit of 10% at Rs 56.15 on the BSE. In past one-week, the stock tanked 41% from Rs 94.70 on January 12, after the company said that "UK Medicines and Healthcare products Regulatory Agency (MHRA) has conducted a GMP inspection of the company's plant at Goa in the month of November 2015. Pursuant to the inspection, UK MHRA has issued certain observations which company has responded to”.

The company is awaiting further response from UK MHRA in this matter as on date, it added.

Meanwhile, the Goa plant is functioning normally and the shipments to UK is continuing in the normal course of business, the company said.