Wockhardt stock falls 9% after 3 day zaynich rally
Business
Wockhardt's stock took a 9% dip today, making it among the top losers on the Nifty Smallcap 100.
The drop comes right after a 36.77% surge over the last three trading sessions, as investors rushed to cash in on profits following big news about Wockhardt's new antibiotic, Zaynich.
Wockhardt to self market antibiotic Zaynich
Just yesterday, Wockhardt hit a 52-week high thanks to US and Indian approvals for Zaynich, a homegrown drug for tough urinary tract infections.
Instead of teaming up with distributors (the usual move), Wockhardt plans to market Zaynich itself both in India and abroad.
Founder Habil Khorakiwala called it a first for a new chemical entity developed from India, a pretty proud moment for the company.