Lupin fell 1.63% to Rs 1,533.55 at 14:43 IST on BSE, with the stock extending Friday's sharp losses triggered by speculation that widely followed investor Rakesh Jhunjhunwala is selling some of his stake.
Meanwhile, the S&P BSE Sensex was up 260.84 points or 1.05% at 25,213.58.
On BSE, so far 4.01 lakh shares were traded in the counter as against average daily volume of 2.61 lakh shares in the past one quarter. The stock hit a low of Rs 1,502.20 so far during the day, which is also its 52-week low for the counter. The stock hit a high of Rs 1,570 so far during the day. The stock had hit a record high of Rs 2,127 on 6 October 2015. The stock had underperformed the market over the past one month till 18 March 2016, sliding 12.28% compared with Sensex's 5.51% rise. The scrip had also underperformed the market in past one quarter, declining 12.7% as against Sensex's 2.22% fall.
The large-cap company has equity capital of Rs 90.11 crore. Face value per share is Rs 2.
Shares of Lupin have declined 8.41% in two trading sessions from its close of Rs 1,674.50 on 17 March 2016. The stock had lost 6.9% to settle at Rs 1,558.90 during the previous trading session on Friday, 18 March 2016. Jhunjhunwala held 1.65% stake in Lupin as per the shareholding pattern as on 31 December 2015.
On consolidated basis, Lupin's net profit fell 11.9% to Rs 529.75 crore on 6.8% growth in net sales to Rs 3357.66 crore in Q3 December 2015 over Q3 December 2014.
Lupin is a pharmaceutical company producing and developing a wide range of branded & generic formulations, biotechnology products and APIs globally. The company is a significant player in the cardiovascular, diabetology, asthma, pediatric, CNS, GI, anti-infective and NSAID space and holds global leadership positions in the anti-TB and cephalosporin segment.
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