Wockhardt shares tank over 5% after US drug regulator warning

Shares of Wockhardt have plunged over 5% after its subsidiary received a warning letter from the US drug regulator -- USFDA. 

At 1.29 pm, share price of Wockhardt was Rs 718.50 per piece on BSE, down Rs 32 or 4.34%. 

In a BSE filing on Wednesday, Wockhardt said, "The US Food and Drugs Administration (USFDA) has issued a warning letter to Morton Grove Pharmaceuticals, USA, a stepdown subsidiary of the company."

However, Wockhardt did not issue any details about the reason for the warning letter or when it was delivered. 

The statement added, "This would mean that current portfolio of Wockhardt will continue to be made available in the market. However, new approvals will be withheld till resolution."

"With the help of consultant, Wockhardt has already initiated appropriate measures since last several months to address the issues raised by USFDA," added the company.