93% Crash To 1000% Surge: How A Rare Drug Discovery In A Rs 82,000 Crore Market Rescued An Indian Pharma Giant

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Two decades ago, Wockhardt was among the top 10 pharma companies in India, and its founder, Habil Khorakiwala, was ranked 19th among the richest Indians in 2004. The growth was driven by acquisitions across France, India, and the UK. However, the debt-fuelled expansion that supported Wockhardt’s rise later pushed it toward the brink.

In 2009, the company defaulted on its debt payment and was downgraded by rating agencies. For the next decade, it survived through asset sales and restructuring as revenues stagnated, losses continued, and cash flow stayed negative.

Wockhardt’s stock price fell 93% from Rs 2,169 in March 2013 to Rs 145 by March 2023. Yet even in this pe