Wockhardt hits four month low

Since November 25, the stock has tanked 26% after the USFDA imposed an import alert on its manufacturing unit.

Wockhardt has dipped 4% to Rs 362, its lowest level since August, on the Bombay Stock Exchange (BSE). The stock opened at Rs 376 and has seen a combined 568,219 shares changing hands on the counter till 1100 hours on the BSE and NSE.

Since November 25, shares in pharmaceutical firm have tanked 26% after the US Food and Drug Administration (FDA) has imposed an import alert on its manufacturing unit at Chikalthana, Aurangabad, in Maharashtra. The plant had generated sales of $283 million (Rs 1,700 crore) in financial year 2013.

Last week, the FDA asked Wockhardt to conduct a global assessment of its plants to ensure that the drug produced by the company conform to FDA requirements for safety, efficacy, and quality.

Meanwhile, the stock has plunged 83% from its 52-week high of Rs 2,166 touched on March 20, 2013. The scrip hit 52-week low of Rs 344 on August 8 this year.