Wockhardt falls over 5% as US unit gets FDA warning letter

The stock dipped nearly 7% to Rs 701 on the BSE in early morning trade

Wockhardt dipped nearly 7% to Rs 701 on the BSE in early morning trade after the pharmaceutical company said that its step-down unit in the US, Morton Grove Pharmaceuticals Inc., has received a warning letter from the US Food and Drug Administration (FDA).

“US Food and Drug Administration ('USFDA') has issued a warning letter to Morton Grove Pharmaceuticals Inc., USA, a step-down subsidiary of the company,” Wockhardt said in a regulatory filing.

This would mean that current portfolio of the Company will continue to be made available in the market. However, new approvals will be withheld till resolution,