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Wockhardt Has Biggest 2-Day Drop on Record on U.S. Restrictions

May 24 (Bloomberg) -- Wockhardt Ltd., an Indian maker of insulin and hepatitis vaccine, was poised for its biggest ever two-day drop in Mumbai trading after U.S. regulators imposed restrictions on imports of some of the company’s products.

The shares fell 11 percent to 1,172 rupees as of 10:42 a.m. in Mumbai, extending their two-day drop to 29 percent. The stock jumped more than fivefold last year.

The Food and Drug Administration issued an import alert for products from Wockhardt’s Waluj facility in Aurangabad because they didn’t meet good manufacturing practices, according to a statement on the U.S. regulator’s website.

Wockhardt in an April 15 statement on its website said the FDA had carried out an inspection at its unit manufacturing injectables for export in Aurangabad. The agency had issued form 483s, a note given to company management when inspectors see conditions that may violate the U.S. Food Drug and Cosmetic Act.

The Indian drugmaker at the time said it is “fully committed to follow strong quality current good manufacturing practices system” and that it had started a “comprehensive remedial measure of the observations of the U.S. FDA.”

Daryl Suchitha, a spokesman for the Mumbai-based company, didn’t immediately respond to an e-mail and a phone call seeking comment.

To contact the reporter on this story: Ketaki Gokhale in Mumbai at kgokhale@bloomberg.net

To contact the editor responsible for this story: Jason Gale at j.gale@bloomberg.net

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