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Wockhardt slumps as USFDA issues import alert on the company's Ankleshwar unit

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Wockhardt tumbled 9.51% to Rs 919 at 14:45 IST on BSE after the US Food and Drug Administration issued import alert on the company's active pharmaceutical ingredients unit located in Ankleshwar, Gujarat.

The company made the announcement during market hours today, 8 August 2016.

Meanwhile, the S&P BSE Sensex was up 77.95 points or 0.28% at 28,156.30.

On BSE, so far 5.78 lakh shares were traded in the counter as against average daily volume of 1.79 lakh shares in the past one quarter. The stock hit a high of Rs 960 and a low of Rs 870 so far during the day. The stock had hit a 52-week high of Rs 1,748.20 on 2 December 2015. The stock had hit a 52-week low of Rs 706.35 on 12 February 2016. The stock had outperformed the market over the past one month till 5 August 2016, advancing 6.19% compared with 3.36% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, gaining 4.51% as against Sensex's 11.15% rise.

The large-cap company has equity capital of Rs 55.27 crore. Face value per share is Rs 5.

The company has already initiated required steps to address the concerns raised by the US Food and Drug Administration (USFDA) and is putting all efforts to resolve the matter, Wockhardt said in a statement.

Meanwhile, media reports suggested that a foreign brokerage has downgraded the stock to neutral from outperform in the wake of USFDA's import alert on the company's Ankleshwar unit.

Wockhardt is scheduled to announce Q1 June 2016 results on 13 August 2016. The company's consolidated net profit rose 25.9% to Rs 42.90 crore on 6.1% decline in net sales to Rs 1013.36 crore in Q4 March 2016 over Q4 March 2015.

Wockhardt is a research based and technology intensive global pharmaceutical and biotechnology company.

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First Published: Mon, August 08 2016. 14:39 IST