Key facts
- Wockhardt shares fell 7% after a recent surge.
- The company's shares had previously rallied 36% in five sessions.
- The US FDA approved ZAYNICH, an antibiotic for urinary tract infections.
- Wockhardt reported a strong turnaround in its March quarter results.
- Revenue and profit saw significant year-on-year growth.
- Biotech operations were a key driver of improved performance.
Wockhardt's stock experienced a significant rally, driven by positive news such as the US FDA approval of its antibiotic ZAYNICH and strong March quarter financial results. The recent sell-off appears to be a profit-taking move by investors after the substantial price increase.