Lupin extends downtrend; shares slide nearly 4%

Extending its previous day's slide, shares of drug major Lupin today fell by nearly 4 per cent after the company's June quarter earnings failed to impress investors.
The scrip went down by 3.89 per cent to settle at Rs 1,545.05 on BSE. During the day, it lost 4.19 per cent to Rs 1,540.10.
The stock was the worst performer among the 30-Sensex bluechips.
On NSE, shares of the company were down 3.91 per cent to end at Rs 1,544.40.
The stock had lost 5 per cent in the previous trading session also.
Drug major Lupin has reported a 55.12 per cent rise in consolidated net profit to Rs 881.95 crore for the June quarter -- its best ever quarterly performance -- driven by robust growth in India, Japan and the US markets.

The Mumbai-based firm had posted a net profit of Rs 568.55 crore in the corresponding quarter of last fiscal.
Lupin's net sales on consolidated basis were also up 40.01 per cent to Rs 4,313.56 crore during the quarter under review as against Rs 3,080.87 crore in the corresponding quarter of the previous fiscal, the company said in a regulatory filing.
Its expenses were at Rs 3,334.08 crore, up 37.05 per cent, during the quarter as against Rs 2,432.58 crore of the last fiscal.