Wockhardt slumped 6.77% to Rs 1,240 at 11:30 IST on BSE after the company decided to recall all the remaining batches in the US market that were manufactured from two of its plants prior to the US FDA import alerts issued to these plants.
The company made announcement during market hours today, 28 April 2015.
Meanwhile, the S&P BSE Sensex was up 69.27 points or 0.25% at 27,246.26.
On BSE, so far 6.37 lakh shares were traded in the counter as against average daily volume of 3.09 lakh shares in the past one quarter.
The stock hit a high of Rs 1,330.40 and a low of Rs 1,181 so far during the day. The stock had hit a 52-week high of Rs 2,000 on 8 April 2015. The stock had hit a 52-week low of Rs 543.10 on 10 July 2014.
The stock had underperformed the market over the past one month till 27 April 2015, falling 27.47% compared with 1.03% fall in the Sensex. The scrip had however outperformed the market in past one quarter, gaining 16.33% as against Sensex's 8.1% decline.
The large-cap pharma firm has equity capital of Rs 55.04 crore. Face value per share is Rs 5.
Wockhardt said that as a measure of preparedness and as an abundant precaution, the company has now decided to recall, as a part of remedial measure all the remaining batches in the US market that were manufactured from the facilities at L1- Chikalthana and Waluj in Aurangabad, Maharashtra, prior to the United States Food & Drugs Administration (US FDA) import alerts. The company said it decided to recall products even though there is no evidence of risk to patient safety from the products currently available in the US market.
During the last USFDA cGMP inspection of the facilities at L1- Chikalthana and Waluj in Aurangabad, Maharashtra, some observations were reported pertaining to batches of some products manufactured prior to the US FDA import alerts. Whereas the company continues to supply some of the products in the US market manufactured in the same facilities, several batches of other products, manufactured prior to the import alerts may still be in the US market, it added.
Additionally company said, the MHRA, UK has restored the EU GMP certification of the company's potent product facility at Kadaiya, Daman.
The USFDA had banned US exports from Wockhardt's Waluj and Chikalthana plants in 2013, citing manufacturing quality lapses.
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