Wockhardt slips over 2% ahead of earnings

NEW DELHI: Wockhardt Ltd slipped over 2 percent on Tuesday to touch its day’s low of Rs 680 ahead of its quarterly results, which will be out later today.

“Dealers expect weak results from Wockhardt and they expect the stock to touch Rs 645 levels in the near term,” ET Now reported.

At 10:40 a.m., the stock was trading 2.1 percent lower at Rs 651. It has hit a low of Rs 646.25 and a high of Rs 680 in trade so far.

ET Now reported on Monday that leading hospital chain Fortis Healthcare is in negotiations to take management and operational control of the existing portfolio of Wockhardt Hospitals.

According to brokerage reports, the consolidated debt of Wockhardt Pharma is around Rs 4,700 crore. The nod from the local partners of Wockhardt Hospitals as well as the overseas lenders of the Khorakiwalas, the owners of the Wockhardt Hospitals, will be crucial for the deal completion, ET Now sources added.