Wockhardt has slipped 7% to Rs 758, falling 11% from its intra-day high, after the drugmaker on Tuesday denied a media report that said U.S. drugmakers Mylan Inc and Pfizer Inc were in talks with the company to buy some of its assets.
The stock opened at Rs 810 and touched a high of Rs 848 in early morning deals on the BSE. The counter has seen huge trading activity with a combined 7.03 million shares changing hands till 1455 hours as against an average sub 4 million shares that were traded daily in past two weeks on the NSE and BSE.
Wockhardt cited the media report as saying that Mylan was in talks to buy its domestic business, while Pfizer was also in the race to buy some asset, as the Indian company planned to focus only on overseas markets.
"We deny the media reports and presently we do not believe that there is any information/announcement of the nature sought by you. In the event that there is any development that requires disclosure, we will make the same immediately in accordance with regulatory requirements.” Wockhardt said in a statement to the exchanges.
The pharmaceutical stock had rallied 25% in past two trading sessions from Rs 646 to Rs 809 after the company on Monday said the drug regulator of Himachal Pradesh has revoked a suspension it imposed on the manufacture and sale of a combination drug for pain treatment.
The stock opened at Rs 810 and touched a high of Rs 848 in early morning deals on the BSE. The counter has seen huge trading activity with a combined 7.03 million shares changing hands till 1455 hours as against an average sub 4 million shares that were traded daily in past two weeks on the NSE and BSE.
Wockhardt cited the media report as saying that Mylan was in talks to buy its domestic business, while Pfizer was also in the race to buy some asset, as the Indian company planned to focus only on overseas markets.
"We deny the media reports and presently we do not believe that there is any information/announcement of the nature sought by you. In the event that there is any development that requires disclosure, we will make the same immediately in accordance with regulatory requirements.” Wockhardt said in a statement to the exchanges.
The pharmaceutical stock had rallied 25% in past two trading sessions from Rs 646 to Rs 809 after the company on Monday said the drug regulator of Himachal Pradesh has revoked a suspension it imposed on the manufacture and sale of a combination drug for pain treatment.
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