Wockhardt slips 11% on USFDA concerns, down 29% in 4 sessions

NEW DELHI: Shares of Wockhardt nosedived 11 per cent in Monday's trade after the drugmaker in a clarification to the stock exchanges the USFDA has made nine observations on its new facility at Shendra in Aurangabad, highlighting violations of its norms.

The stock fell 11.02 per cent to hit a low of Rs 1,146.40. This is in addition to the 14.98 pe cent fall it witnessed on Friday. The scrip has so far lost 29 per cent in four sessions till Monday. The company, however, said being a new unit, there is no export from the Shendra facility to the US.

"Inspection of our manufacturing unit at Shendra, Aurangabad, by USFDA has since been completed. USFDA has made nine observations for which appropriate replies would be submitted to the inspecting authority in due course," Wockhardt said in a regulatory filing.

"The observations were made by the USFDA in the form of Form 483, which is issued to a company management at the conclusion of an inspection, highlighting any condition that may constitute violation of the Food Drug and Cosmetic (FD&C) Act and related laws," the company statement said.

It has been found that 62,555 bottles of anti-biotic Azithromycin tablets manufactured by Wockhardt have been recalled by PD-Rx Pharmaceuticals in the US market, it said.