Wockhardt tanked nearly 7 percent intraday as investors turned bearish after the company’s US arm received a warning letter from the US drug regulator. The US Food and Drug Administration issued a warning letter to Morton Grove Pharmaceuticals, a step-down subsidiary of the company in Illinois, US. “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 told the exchanges in a notification on Wednesday. The warning letter comes as a blow to the company, which was struggling with issues of regulatory non-compliance. Three plants of Wockhardt in India are already under an import ban in the US. Its formulations units at Chikalthana and Waluj in Maharashtra have been under the USFDA’s import alert since 2013, while its bulk drug plant at Ankleshwar in Gujarat was issued an import alert in August.
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Wockhardt tanked nearly 7 percent intraday as investors turned bearish after the company’s US arm received a warning letter from the US drug regulator. The US Food and Drug Administration issued a warning letter to Morton Grove Pharmaceuticals, a step-down subsidiary of the company in Illinois, US. “This would mean that current portfolio of the company will continue to be made available in the market. 
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