Pharma major Wockhardt plunged nearly 7% to touch the 52-week low of Rs281.50 on the BSE after the US based Mylan Inc got approval to sell generic Toprol XL used to treat angina and high blood pressure.
Generic Toprol has been a key growth driver for Wockhardt. Wockhardt has 17% of the market for generic Toprol XL and 40-45% of its US sales come from Toprol XL. Approval for Toprol XL should increase competition for Wockhardt.
Pennsylvania based Mylan Inc. is the third largest generic and specialty pharmaceuticals company in the world.
As per reports, Wockhardt needs to get big approvals in US to sustain its growth momentum.
At 12.35 pm, Wockhardt was trading at Rs282.55, down by 6.39%, with a volume of 1.41 lakh shares traded on the BSE.