Wockhardt Ltd Fined ₹15 Cr by Customs for API Mis-classification

Wockhardt Ltd has received an Adjudication Order from the Commissioner of Customs, Nhava Sheva-II, imposing a penalty of ₹5 Crore and a redemption fine of ₹10 Crore for alleged mis-classification of Active Pharmaceutical Ingredients (API). An additional ₹1 Crore penalty is levied on an officer. The company states the order has no material impact on its financials or operations, except for the monetary fines. Wockhardt is confident in its case and plans to appeal the order.