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Wockhardt shares fell as USFDA has issued a warning letter to the company unit.
Shares of Wockhardt fell as much as 6.5 per cent to Rs 701 in early trade.
“The United States Food and Drug Administration (USFDA) has issued a warning letter to Morton Grove Pharmaceuticals Inc, USA, a stepdown subsidiary of the company,” Wockhardt had said in a filing to BSE yesterday.
The company, however, did not provide any details about the reasons for the issuance of warning letter and when it was issued.
“This would mean that current portfolio of the company will continue to be made available in the market. However, new approvals will be withheld till resolution,” it said.
“The company, with the help of consultants, has already initiated appropriate measures since last several months to address the issues raised by USFDA,” Wockhardt added.
The stock has posted biggest intraday percentage fall since November 9.
Up to Wednesday's close, the stock gained 14 per cent this year.
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