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Context is everything.
Detailed stories on technology startups, business and economic current affairs.
Detailed stories on technology startups, business and economic current affairs.
A couple of antibiotics that have the potential to change the beleaguered company’s fortunes need a quick infusion of funds to get across the finish line. Can Khorakiwala, the 82-year-old chairman, pull it off?
In August last year, Mumbai-based Wockhardt was in need of a quick rescue plan. Its shareholders had just snubbed its promoter and chairman Habil Khorakiwala by rejecting a resolution that would allow him to lend up to Rs 1,600 crore to the pharmaceuticals company. With its annual interest payouts more than 3x its operating profits, we wrote that Wockhardt was running out of options.
Yet, in the last six months, Wockhardt’s share price has doubled. It has gone from Rs 228 on 25 August to a 52-week high of Rs 494 in early January and currently trades at Rs 443. …
