Wockhardt has surged by 10% to Rs 711, erasing its entire 2% decline on Friday, after the pharmaceutical company said the regulator in Himachal Pradesh has revoked the suspension of the manufacture and sale of three drugs.
“The State Drug Controller, Himachal Pradesh has now revoked the suspension and accordingly the company will continue to manufacture, sell and distribute the Fixed Dose Combination (FDC) of Dicyclomine Hydrochloride IP 10mg, Tramadol Hydrochloride IP 50mg & Acetamenophen IP 325mg,” Wockhardt said in a statement.
On April 23, 2014, the drug controller had suspended the manufacture and sale of the products. However, the company had not specified the reason for the suspension.
Wockhardt said the products had contributed less than 3% to the consolidated sales of the company in the financial year that ended on March 31.
The stock opened at Rs 646 and touched a high of Rs 723 on the BSE. A combined 3.57 million shares changed hands on the counter till noon deals on the BSE and NSE.
“The State Drug Controller, Himachal Pradesh has now revoked the suspension and accordingly the company will continue to manufacture, sell and distribute the Fixed Dose Combination (FDC) of Dicyclomine Hydrochloride IP 10mg, Tramadol Hydrochloride IP 50mg & Acetamenophen IP 325mg,” Wockhardt said in a statement.
On April 23, 2014, the drug controller had suspended the manufacture and sale of the products. However, the company had not specified the reason for the suspension.
Wockhardt said the products had contributed less than 3% to the consolidated sales of the company in the financial year that ended on March 31.
The stock opened at Rs 646 and touched a high of Rs 723 on the BSE. A combined 3.57 million shares changed hands on the counter till noon deals on the BSE and NSE.
