Lupin fell 3.55% to Rs 1,830.60 at 10:07 IST on BSE, extending recent losses triggered by the US health regulator allowing Aurobindo Pharma to sell a generic antibiotic drug Cefixime.
Meanwhile, the BSE Sensex was down 71.54 points, or 0.25%, to 28,594.50.
On BSE, so far 44,000 shares were traded in the counter, compared with an average volume of 63,259 shares in the past one quarter.
The stock hit a high of Rs 1,901 and a low of Rs 1,822.70 so far during the day. The stock hit a record high of Rs 2,112 on 8 April 2015. The stock hit a 52-week low of Rs 903.95 on 27 May 2014.
Shares of Lupin have fallen 7.58% in three trading sessions from Rs 1,980.80 on Monday, 13 April 2015. Stock market was shut on Tuesday, 14 April 2015, on account of Dr. Baba Saheb Ambedkar Jayanti.
The stock had outperformed the market over the past one month till 16 April 2015, rising 1.85% compared with 0.80% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 32.82% as against Sensex's 1.93% rise.
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The large-cap company has an equity capital of Rs 89.90 crore. Face value per share is Rs 2.
Aurobindo on Wednesday, 15 April 2015, said that it received final approvals from the US Food and Drug Administration (USFDA) to manufacture and market Cefixime (bioequivalent to Lupin's Suprax) for oral suspension USP, 100mg/5mL and 200mg/5mL. The product is ready for launch.
This move will impact Lupin as it will face direct competition from Aurobindo Pharma. A foreign brokerage reportedly said that the generic approval for Lupin's Suprax in the United States would hurt Lupin's earnings as this approval has come earlier than expected. This is the first generic approval for Suprax.
Cefixime for Oral Suspension is indicated for the treatment of adults and pediatric patients six months of age or older, with infections caused by susceptible strains of the designated organisms in urinary tract infections, otitis media, acute exacerbations of chronic bronchitis, uncomplicated gonorrhea (cervical/urethral), pharyngitis and tonsillitis.
The product has an estimated market size of $123 million for the twelve months ending February 2015 according to IMS.
Lupin's consolidated net profit rose 26.3% to Rs 601.45 crore on 5.4% growth in net sales to Rs 3144.91 crore in Q3 December 2014 over Q3 December 2013.
Lupin is an innovation led transnational pharmaceutical company producing and developing a wide range of branded and generic formulations as well as biotechnology product and APIs globally.
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