Wockhardt shares down 7 per cent

Shares of Wockhardt fell more than 7 per cent in early trades on newspaper reports the Bombay High Court on Friday admitted a winding-up petition filed by the company8217;s foreign currency convertible bond FCCB holders,three dealers said. A group of three FCCB holders,or unsecured creditors led by Singapore-based hedge fund QVT,Sun Pharma and Syndicate Bank,had filed the petition in January 2010,according to a report. The three hold bonds worth 42 million,the paper said. Wockhardt had to redeem 110 million worth of FCCBs by October last year. Though it managed to settle with several creditors,FCCBs worth about 75 million is still under dispute,the paper added.

At 9.42 a.m.,shares of the company were down 5.63 per cent to Rs 327.65.