Lupin fell 6.63% to Rs 1,546 at 10:32 IST on BSE on concerns surrounding its Goa facility which is under the scanner of the US health regulator.
Meanwhile, the BSE Sensex was up 15.86 points, or 0.06%, to 25,415.58 .
On BSE, so far 2.26 lakh shares were traded in the counter, compared with an average volume of 3.46 lakh shares in the past one quarter. The stock hit a high of Rs 1,627.50 and a low of Rs 1,525.35 so far during the day. The stock hit a record high of Rs 2,127 on 6 October 2015. The stock hit a 52-week low of Rs 1,294.05 on 29 March 2016. The stock had outperformed the market over the past one month till 19 May 2016, rising 5.39% compared with 1.61% decline in the Sensex. The scrip had, however, underperformed the market in past one quarter, sliding 7.13% as against Sensex's 7.13% rise.
The large-cap company has an equity capital of Rs 90.14 crore. Face value per share is Rs 2.
Lupin received US Food and Drug Administrator (USFDA) 483's for Goa facility with 9 observations during March 2016. The inspection of Lupin's Goa facility were on aspects such as inadequacy & adherence to standard operating procedures (SOP). The company said it has responded to these observations and awaits USFDA response. Lupin reportedly depends on Goa facility for about 40% of its US sales.
As per the USFDA website, an FDA Form 483 is issued to firm management at the conclusion of an inspection when an investigator(s) has observed any conditions that in their judgement may constitute violations of the Food Drug and Cosmetic (FD&C) Act and related Acts.
Lupin's consolidated net profit rose 47.5% to Rs 807.10 crore on 34% growth in net sales to Rs 4091.30 crore in Q4 March 2016 over Q4 March 2015.
More From This Section
The result was announced during market hours yesterday, 19 May 2016. The Lupin stock rose 1.43% to Rs 1655.80 on that day.
Commenting on the company's financial performance, Nilesh Gupta, Managing Director of Lupin said that Q4 March 2016 witnessed robust growth across all key markets. Record approvals and significant launches have enabled Lupin to deliver its best results yet and the company is back on the growth path, Gupta said. He said that the company will continue to ramp up its investments in research and is focused on building pipelines in niche high-value areas such as inhalation, biosimilars and complex injectables.
The Q4 March 2016 results are not strictly comparable with Q4 March 2015 results due to the acquisition of GAVIS Pharmaceuticals LLC, USA, Novel Laboratories, Inc., USA and VGS Holdings, Inc., USA (GAVIS) with effect from 8 March 2016.
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 segment.
Powered by Capital Market - Live News