Wockhardt shares tank nearly 5% on disappointing earnings

Shares of drug firm Wockhardt today plunged nearly 5 per cent after the company reported nearly 78 per cent drop in consolidated net profit for the quarter ended March 2014.
Wockhardt's stock ended at Rs 668.45, down 4.45 per cent on the BSE. In intra-day, the scrip lost 8.37 per cent to Rs 641.
At the NSE, the stock settled 4.71 per cent lower at Rs 668.30.
Wockhardt yesterday reported nearly 78 per cent drop in consolidated net profit at Rs 74.45 crore for the quarter ended March 2014 mainly due to regulatory issues with US and UK health regulators.

The company had posted a net profit of Rs 334.76 crore in the corresponding period of the previous fiscal, Wockhardt had said in a filing to the BSE.
Consolidated net sales of the company also declined to Rs 1,038.67 crore for the quarter under consideration from Rs 1,485.50 crore for the same period year ago, it had said.
Consolidated net profit after taxes, minority interest and share of profit (loss) of the associates for the fiscal year ended March 31, 2014 stood at Rs 840.71 crore. It was Rs 1,594.12 crore for the previous fiscal year.
Consolidated net sales of the company for the fiscal year ended March 31, 2014 were Rs 4,830.36 crore while they were Rs 5,609.42 crore for same period year ago.