Companies

Wockhardt scrip up 14% on sale deal speculation

Our Bureau Mumbai | Updated on July 25, 2014




Drugmaker Wockhardt saw a 14 per cent spike in its share price on Friday on speculation in the marketplace that the company had possibly sealed a deal for sale.

However, Wockhardt said, “The company completely denies that it has any intention whatsoever to divest its domestic business. It is an integral part of Wockhardt operations." The company’s shares closed at ₹750 on the BSE, up 14 per cent. Analysts tracking the pharmaceutical sector said that rumours were rife of a possible sale deal between the company and a multinational drugmaker.

Debt-saddled Wockhardt has in the past put several of its businesses on the block, as part of its revival strategy. In 2008, the company had a debt of more than ₹8,000 crore. And even as Wockhardt clawed back from the woods, the company’s manufacturing plants came under intense regulatory scrutiny from the US Food and Drug Administration.

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Published on July 25, 2014
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