Wockhardt up 10% in a week on nutrition business sale talk

In the past one week, the pharma major's stock has gained almost 10% to close at 452 on Thursday on the BSE. Driving the share price is the rumour that the company is close to selling its nutrition business. This comes at a time when the legal tussle between Wockhardt and its bond-holders is yet to be resolved.

The case which is pending in Bombay High Court will come up for hearing on August 1. There is speculation that the case many be settled this time around.

While there has been talk that both Danone and Abbott were interested in buying the nutrition business, the company is said to be close to inking the deal with the latter, with whom it has been in talks in the past. The deal valuation is speculated to be anywhere around 1,350 crore. An email query to Wockhardt remained unanswered till the time of going to press.

Contributed by Vijay Gurav, Deeptha Rajkumar & Nihar Gokhale