Wockhardt Shares Down 6 Percent

Shares of pharmaceutical company Wockhardt fell sharply on the Bombay Stock Exchange (BSE) Monday on reports the Bombay High Court has admitted a winding-up petition filed by the company's foreign currency convertible bond (FCCB) holders.

A group of three FCCB holders - Singapore-based hedge fund QVT, Sun Pharma's overseas unit and Syndicate Bank - had filed filed the petition in January 2010 to recover their investments of Rs.634 crore ($140 million) through the sale of the company's assets, according to a report. The winding-up petition was admitted by the court on Friday.

Shares of Wockhardt are currently trading at Rs.327.40 on the BSE, down 5.70 percent from the previous close. The stock fell to a low of Rs.312.50 early in the session.

Meanwhile, shares of Sun Pharma, which holds bonds worth $20 million, are currently up 0.21 percent at Rs. 421.50 on the BSE.

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