Select pharma shares under pressure; Wockhardt, Sequent Scientific down over 10%

Marksans Pharma, Strides Shasun, Capital Point Lab, Hikal, Nectar Life and Torrent Pharma were down 4%-19% on the BSE.

Shares of select pharmaceutical companies are under selling pressure amid  heavy volumes on the BSE. Marksans Pharma, Sequent Scientific and Wockhardt were slipped more than 10% each, while Strides Shasun, Capital Point Laboratories, Hikal, Nectar Lifesciences and Torrent Pharmaceuticals down 4%-5% on the BSE.

At 12:32 a.m. the S&P BSE Healthcare index was down 1.1% or 175 points at 15,773 as compared to 0.37% decline in the S&P BSE Sensex at 24,681 points.

Shares of Marksans Pharma tanked 19% to Rs 63 on the BSE in intra-day trade. A combined 24.33 million equity shares or 6% of total equity of pharmaceuticals firm changed hands on the counter so far against an average 7.3 million shares that were traded daily in past two weeks on the BSE and NSE.

Since January 12, 2016, the stock plunged 33% from Rs 94.70 after the media report suggests that the company’s Goa plant get notification of deficiency in goods manufacturing practices (GMP) from UK Medicines and Healthcare products Regulatory Agency (MHRA).

On clarification on news report, Marksans Pharma said that "UK 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.

Wockhardt slipped nearly 13% to Rs 1,323 on BSE on back of an over three-fold jump in trading volumes. According to ET Now television channel report,  the company said it has received Form 483 from the US drug regulator for its Shendra plant. The inspection at its Shendra plant ended on January 14, 2015. The company has to respond to FDA with corrective measures in 15 days.

Sequent Scientific was down 11% at Rs 888, after falling 18% in intra-day trade to Rs 820 on the BSE. Thus far in current week, the stock plunged 24% from Rs 1,164 on January 8, 2016. In calendar year 2015, the stock zoomed 250% as compared to 5% decline in the benchmark index.