Shares of Wockhardt Ltd. has surged in trade on Monday, registering gains of more than 9% following positive cues on the tariff front. The shares reached an intraday high of Rs 1,458. The stock had declined 10.2% on Friday.
The stock was currently trading at Rs 1,456 compared to Friday’s closing price of Rs 1,336 as of 10:22 p.m. and over a 12-month period, Wockhardt Pharma shares have risen almost 50%.
Wockhardt’s rally on Monday comes on the back of a recent clarification from the White House, which suggested that countries which have an existing trade deal with the US will be exempted from the pharma tariff.
This is a major positive for the European Union and Japan, as both entities have an existing trade deals, in which only 15% tariff will be charged as opposed to the 100% tariff on foreign-made branded drugs which Trump announced last week.
Wockhardt Pharma was one of the worst hit pharma stocks in India following Trump’s announcement, falling more than 9% in two trading sessions.
