MUMBAI Aug 12 Indian generic drugmaker
Wockhardt Ltd on Tuesday said its quarterly net profit
plunged 94 percent, as U.S. Food and Drug Administration bans on
its manufacturing plants continued to take a toll.
Wockhardt's April-June net profit was 199.5 million
rupees($3.26 million), compared with 3.23 billion rupees a year
Net sales slumped 27 percent to 9.91 billion rupees.
The United States is Wockhardt's biggest market and the FDA
has banned the import of generic drugs from two of the company's
plants in India, citing quality lapses in the manufacturing
In May, the company said the FDA had also expressed concerns
over production processes at its Chicago-based Morton Grove
Pharmaceuticals unit, which accounts for more than 50 percent of
Wockhardt's sales in the United States.
Wockhardt shares fell 5 percent to 674 rupees by 0627 GMT in
the Mumbai market that was up 0.54 percent.
($1 = 61.1700 Indian rupees)
(Reporting by Zeba Siddiqui in Mumbai; Editing by Anupama