/
•
•
Context is everything.
Detailed stories on technology startups, business and economic current affairs.
Detailed stories on technology startups, business and economic current affairs.
Faced with a cash crunch, the Mumbai-based drug maker has only its research to fall back on. Will it yield a blockbuster?
Once a top-five Indian pharmaceuticals company, Mumbai-based Wockhardt is in serious trouble. The loss-making company is said to have delayed salaries this month.
It is in dire need of cash, having made losses in six out of the last seven financial years (the one year it made a profit, it sold some profitable assets). Though debt is down from where it was seven years ago, the company’s interest outgo for 2022-23 came in at Rs 302 crore, 3x its operating profit of Rs 101 crore. To top it off, its promoters, Habil Khorakiwala and family, have pledged 60% of their …
