Wockhardt plunges over 8% as Q4 net profit slips to Rs 74.45 crore

NEW DELHI: Wockhardt Ltd plunged as much as 8.3 per cent in trade on Tuesday, after the drug firm reported nearly 78 per cent drop in consolidated net profit at Rs 74.45 crore for the quarter ended March 2014 mainly due to regulatory issues with US and UK health regulators.

At 09:40 a.m.; Wockhardt recouped some of the intraday losses but was still trading 3.5 per cent lower at Rs 677.50. It hit a low of Rs 641 and a high of Rs 685.90 in trade today.

The company had posted a net profit of Rs 334.76 crore in the corresponding period of the previous fiscal, Wockhardt said in a filing to the BSE.

During the year Wockhardt had faced regulatory issues with the US health regulator ( USFDA)and the UK health regulator (UKMHRA).

Consolidated net sales of the company also declined to Rs 1,038.67 crore for the quarter under consideration from Rs 1,485.50 crore for the same period year ago, it added.