Wockhardt plunges after Q3 net drops 82%

Net profit for Dec 2015 quarter dropped 82% to Rs 61 crore year-on-year

Shares of Wockhardt were down nearly 12% at Rs 773 after the company's net profit for the quarter ended December 2015 dropped 82% to Rs 61 crore compared to Rs 347 crore in the same quarter last fiscal.

Net sales for the quarter under review were 22% ower at Rs 1,076 crore compared with Rs 1,382 crore in the quarter ended December 2014, the company said in a release.

For the nine-month period ended December 31, 2015, the US business declined 8% and contributed 21% of the global revenues while the UK business in pound sterling terms remained flat and the Irish business grew by 6% in euro terms, the release added.
 

The stock opened at Rs 850 and touched a low of Rs 759. At 11:35am, over 2.5 million shares were traded on both the stock exchanges.