Wockhardt tanks nearly 10% on import alert

Shares of drug maker Wockhardt, today tanked nearly 10 per cent after the USFDA banned import of products manufactured at its Ankleshwar plant for non- compliance of manufacturing norms.
The import alert has been issued under 'Import Alert 66-40', which authorises the health regulator "detention without physical examination of drugs from firms which have not met drug GMPs".
Following the development, shares of the company opened on a weak note at Rs 955.00 on BSE, then tanked 14.33 per cent to an intra-day low of Rs 870 and finally settled for the day at Rs 915.30, down 9.88 per cent.

Similar movement was seen on the NSE as well where the stock opened at Rs 952, then plunged 13.51 per cent to an intra-day low of Rs 877.95. At the end of today's trading price, the stock was quoted at Rs 915.05, down 9.86 per cent.
Meanwhile, the company in a regulatory filing today said that it "has already initiated required steps to address the concerns raised by USFDA and is putting all efforts to resolve the matter".
Earlier in May, the USFDA had also issued an import alert on the company's Waluj facility which makes injectables and solid dosages.