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Wockhardt scrip nose-dives 20 percent
Wednesday, 01 April 2009, 20:56 IST
Mumbai: The stock of healthcare major Wockhardt fell 20 percent on the Bombay Stock Exchange following reports that the company would be referred to the corporate debt restructuring (CDR) mechanism for financial restructuring of its debts.
The scrip, which opened at 
70.10, much lower than its 85.50 close Tuesday, slipped soon to 68.45. At this level, the stock was down by a little over 20 percent.
The company, at its board meeting Tuesday decided chairman and managing director Habil Khorakiwala would step down with his son Murtaza H. Khorakiwala nominated as the next managing director.
The promoters hold about 74 percent equity stake in the company and have pledged about 79.21 percent of their shareholding with lenders.
The group is also reportedly in advanced discussion with Fortis Healthcare for divesting a 26 percent stake in subsidiary Wockhardt Hospitals for close to 750 crore.
"In view of the adverse market conditions and debt burden, the board decided to make a reference to corporate debt restructuring cell through ICICI bank, for financial restructuring the debts of the company," the company said in a regulatory statement Tuesday.
Source: IANS
70.10, much lower than its 85.50 close Tuesday, slipped soon to 68.45. At this level, the stock was down by a little over 20 percent.
The company, at its board meeting Tuesday decided chairman and managing director Habil Khorakiwala would step down with his son Murtaza H. Khorakiwala nominated as the next managing director.
The promoters hold about 74 percent equity stake in the company and have pledged about 79.21 percent of their shareholding with lenders.
The group is also reportedly in advanced discussion with Fortis Healthcare for divesting a 26 percent stake in subsidiary Wockhardt Hospitals for close to 750 crore.
"In view of the adverse market conditions and debt burden, the board decided to make a reference to corporate debt restructuring cell through ICICI bank, for financial restructuring the debts of the company," the company said in a regulatory statement Tuesday.
Source: IANS