Pharmaceutical firm Wockhardt shares fall over 4 per cent after earnings

MUMBAI: Shares of pharmaceutical firm Wockhardt Ltd today tumbled over 4 per cent after the company reported 93.82 per cent decline in consolidated net profit for the first quarter ended June 30.

Wockhardt's scrip fell by 3.81 per cent to end the day at Rs 678.70 on the BSE. During the day, it lost 5.39 per cent to Rs 667.50.

At the NSE, the stock tanked 4.16 per cent to Rs 676.80. On the volume front, 10.54 lakh shares of the company changed hands at the BSE, while over 38 shares were traded at the NSE during the day.

Wockhardt Ltd today reported 93.82 per cent decline in its consolidated net profit to Rs 19.95 crore for the first quarter ended June 30 as import bans by USFDA continued to hit sales.

The company had posted a consolidated net profit of Rs 323.31 crore in the same period last fiscal, Wockhardt Ltd said in a filing to the BSE.

Consolidated net sales during the period under review stood at Rs 991.19 crore as compared to Rs 1,358.37 crore in the year-ago quarter.

The company's Waluj plant was banned from exporting products to the US by USFDA during May 2013 as the US Food and Drug Administration had issued an import alert on it. The company had said it would take an annual hit of $100 million due to the import alert.