Wockhardt to appoint consultant for USFDA compliance

Jul 25, 2013, 12.19 PM IST

Shares in Wockhardt plummeted as much as 20 percent on Wednesday after brokerage Macquarie downgraded the stock on concerns that an import ban imposed by the United States over quality issues would last longer than expected.

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Wockhardt to appoint consultant for USFDA compliance

Shares in Wockhardt plummeted as much as 20 percent on Wednesday after brokerage Macquarie downgraded the stock on concerns that an import ban imposed by the United States over quality issues would last longer than expected.

Like this story, share it with millions of investors on M3

Wockhardt to appoint consultant for USFDA compliance

Shares in Wockhardt plummeted as much as 20 percent on Wednesday after brokerage Macquarie downgraded the stock on concerns that an import ban imposed by the United States over quality issues would last longer than expected.

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Wockhardt has initiated a process to appoint a US-based consultant at its western India drug factory, its managing director said, after the US drug regulator issued a warning letter to the factory over quality compliance issues.

"The consultant has extensive experience and expertise in CGMP (current good manufacturing practices) and will work with the Wockhardt team to address issues raised by the USFDA," Managing Director Murtaza Khorakiwala said in a statement on Thursday.

Also read: Wockhardt's Aug USFDA inspection vital for stock revival says IIFL

Shares in Wockhardt plummeted as much as 20 percent on Wednesday after brokerage Macquarie downgraded the stock on concerns that an import ban imposed by the United States over quality issues would last longer than expected.

In its warning letter dated July 18, the US Food and Drug Administration said it may withhold approvals for any new launches Wockhardt was planning for the United States until the company addressed its concerns about the Waluj plant.

Wockhardt has previously said the US ban would cost the company about USD 100 million in sales a year. The manufacturing plant has also been banned from exporting products to the UK due to similar reasons.

The stock was down 6.6 percent at 615 rupees by 12.02 pm.

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