Wockhardt tanks 5% after it sells domestic branded ops to Dr Reddy's Labs

The deal, which could fetch a consideration amount of Rs 1,850 crore, is expected to close in the first quarter of financial year 2020-21, Wockhardt added.

Shares of Wockhardt slumped as much as 5.3 per cent to Rs 347.55 on the BSE on Thursday after Dr Reddy's Laboratories entered into a definitive agreement with the company to acquire select divisions of its branded generics business.

"The Board of Directors have considered and approved the transfer of business comprising (a) 62 products and line extensions along with related business assets and liabilities, contracts, permits, intellectual properties, employees, marketing, sales and distribution of the same in the Domestic Branded Division in India, Nepal, Bhutan, Sri Lanka and Maldives; and (b) manufacturing facility in Baddi, Himachal Pradesh, by way of