Wockhardt slides after promoters pledge additional shares

Wockhardt fell 1.78% to Rs 254 after the company said its promoters pledged an additional 8.50 lakh shares, or 0.77% stake, of the company on 20 November 2019.

The announcement was made after market hours yesterday, 26 November 2019.

So far the promoters have pledged 56 lakh shares, or 5.06% of the total share capital, of Wockhardt.

Wockhardt reported a consolidated net loss of Rs 94.24 crore in Q2 September 2019, higher than net loss of Rs 30.84 net loss in Q2 September 2018. Net sales dropped 28.7% to Rs 802.18 crore during the said period.

The result was announced on 7 November 2019. Since the announcement of result, the stock has tumbled 15.56%.

 

The stock currently trades below its 50-day simple moving average (DMA) placed at 277.33. It was also below its 200 DMA placed at 349.69.

Wockhardt's businesses include manufacture and marketing of pharmaceutical and bio-pharmaceutical formulations, active pharmaceutical ingredients (APIs) and vaccines.

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