Lupin fell 3.4% to Rs 1,633.10 at 9:17 IST on BSE after the company announced the acquisition of 100% equity stake in Medquimica Industria Farmaceutica S.A., Brazil, (Medquimica) subject to certain closing conditions.
The announcement was made after market hours yesterday, 13 May 2015.
Meanwhile, the S&P BSE Sensex was down 209.40 points or 0.77% at 27,041.70.
On BSE, so far 27,000 shares were traded in the counter as against average daily volume of 1.06 lakh shares in the past two weeks.
The stock hit a high of Rs 1,658 and a low of Rs 1,625.05 so far during the day. The stock had hit a record high of Rs 2,112 on 8 April 2015. The stock had hit a 52-week low of Rs 903.95 on 27 May 2014.
Lupin said that the acquisition of Medquimica marks Lupin's foray into the high growth Brazilian market and would also shore up its position in the Latin American pharmaceuticals market given the company's acquisition of Laboratorios Grin in Mexico last fiscal, Lupin said in a statement.
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Incorporated in 1975, Medquimica is a broad based pharmaceutical company engaged in the development, manufacturing & commercialization of branded generics, pure generics and OTC products.
Lupin's consolidated net profit fell 1.08% to Rs 547 crore on 0.08% growth in net sales to Rs 3054 crore in Q4 March 2015 over Q4 March 2014. EBITDA (earnings before interest, taxation, depreciation, and amoritzation) declined 8.57% to Rs 806.50 crore in Q4 March 2015 over Q4 March 2014. The result was announced during market hours yesterday, 13 May 2015.
Headquartered in Mumbai, Lupin is an innovation led transnational pharmaceutical company producing and developing a wide range of branded & generic formulations, APIs and biotechnology products.
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