Wockhardt shares down 3.5%

Paring early gains, the Wockhardt scrip dropped nearly 3.5 per cent today following reports that the US health regulator has raised concerns over the drug firm's Waluj plant.
After surging nearly 1 per cent to Rs 1,618.15 -- its 52-week high in intra-day trade, shares of Wockhardt finally ended at Rs 1,549.75, down 3.45 per cent on the BSE.
On the NSE, it fell by 3.43 per cent to Rs 1,548.90 at close.
The US health regulator has raised concerns over drug firm Wockhardt's Waluj plant and the company is taking steps to correct them within three to four months, Chairman Habil Khorakiwala.

Stating that the US Food and Drug Administration conducted inspection for about a week, he said there were no serious observation and nothing on data integrity.
"However, there were some other observations. We are dealing with those observations and we would be able to respond and correct all of them in next three-four months," Khorakiwala said in a interview to television channel CNBC TV18.
On the company's plans to address the concerns raised by the USFDA, Khorakiwala said: "We would be able to respond and correct all of them in next three-four months...We believe that all observations were something our team will be able to correct it, many of them actually in next month or so and the balance three to four months."

The company's Waluj plant was earlier hit by an import alert by the USFDA in 2013 for not meeting manufacturing norms. The plant produces injectables as well as solid dosages.