Wockhardt hits 52-week low after rating downgrade

Wockhardt fell 1.78% at Rs 247.90 after India Ratings and Research downgraded the company's long-term issuer rating to 'IND BB+'.

India Ratings and Research (India Ratings) has revised the company's ratings for short-term bank facilities/ commercial paper to 'IND A4+' from 'IND A3'; and for long-term loan facilities rating to 'IND BB+/ Negative' from 'IND BBB-/Negative'. The revision was owing to refinancing risks, R&D expenses, regulatory overhang etc.

On the BSE, 18,000 shares were traded in the counter so far compared with average daily volumes of 50,000 shares in the past two weeks. The stock hit a high of Rs 250 so far during the day. The stock hit a 52-week high of Rs 691.3 on 17 Sep 2018. The stock hit a 52-week low of Rs 250 on 29 Aug 2019.

It has hit an intraday low of Rs 244, which is also a 52-week low for the stock.

On a consolidated basis, Wockhardt reported a net loss of Rs -44.98 crore in Q1 June 2019 over a net loss of Rs 95.06 crore in Q1 June 2018. Net sales fell 14.3% to Rs 863.11 crore in Q1 June 2019 over Q1 June 2018.

Wockhardt is a global pharmaceutical and biotechnology organisation, providing affordable, high-quality medicines for a healthier world. It is India's leading research-based global healthcare enterprise with relevance in the fields of pharmaceuticals, biotechnology and a chain of advanced super specialty Hospitals.

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