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Wockhardt slips over 5% as arm receives warning letter from USFDA

By
Wockhardt , Financial results

New Delhi: Shares of Wockhardt slipped over 5 per cent in early trade on Thursday after the drug major on Wednesday said the US health regulator had issued a warning letter to its step down subsidiary Morton Grove Pharmaceuticals Inc.

"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 said in a filing to BSE.

"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 added.

The stock had outperformed the market in past two weeks, surged 14% as compared to 3% rise in the S&P BSE Sensex till Wednesday.

The company, with the help of the consultants, has already initiated appropriate measures since last several months to address the issues raised by USFDA.

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