Wockhardt stock plummets 20 pc on bourses

MUMBAI: Shares of pharmaceutical firm Wockhardt Ltd today fell by 20 per cent on panic selling by investors in an overall weak stock market.

Wockhardt tanked 20 per cent to hit the day's lowest trading limit of Rs 660.90 on the BSE.

At the NSE, the stock plunged 20 per cent to Rs 659.20 -- its lower circuit limit.

"The stock started its upward journey in around early 2012 from Rs 270. It rose close to Rs 2,100 levels and is now at Rs 660. Panic selling was seen in the stock following a warning letter from the US health regulator for its facility at Waluj, for not meeting manufacturing norms," said Milan Bavishi, Head Research, Inventure Growth and Securities.

Wockhardt had last week received a warning letter from US health regulator over its facility at Waluj in Maharashtra not meeting manufacturing norms.

The company had earlier in May announced that the US Food and Drug Administration (USFDA) had issued an import alert on its Waluj facility, which makes injectables and solid dosages.

Wockhardt shares have fallen 25.7 per cent so far this week, eroding Rs 2,505 crore from its market cap.

In the stock market, the BSE benchmark Sensex ended the day at 20,090.68, down 211.45 points or 1.04 per cent.