Lupin lost 0.14% to Rs 1,428.50 at 11:20 IST on BSE on reports the company is recalling 54,472 vials of anti-bacterial injection Ceftriaxone in the United States and Puerto Rico due to violation of current manufacturing norms.
Meanwhile, the S&P BSE Sensex was down 185.49 points or 0.69% at 26,835.17.
On BSE, so far 71,000 shares were traded in the counter as against average daily volume of 2.05 lakh shares in the past one quarter. The stock was volatile. The scrip hit a low of Rs 1,398 so far during the day. The stock hit a high of Rs 1,430.45 so far during the day. The stock had hit a 52-week low of Rs 1,294.05 on 29 March 2016. 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 8 June 2016, sliding 9.84% compared with Sensex's 7.1% rise. The scrip had also underperformed the market in past one quarter, declining 21.26% as against Sensex's 9.58% rise.
The large-cap company has equity capital of Rs 90.15 crore. Face value per share is Rs 2.
According to reports, the recall of the drug is a voluntary recall. The recall is being initiated by the company's US arm Lupin Pharmaceuticals Inc. Ceftriaxone for injection USP is used to treat or prevent infections that are proven or strongly suspected to be caused by bacteria. The US Food and Drug Administration has reportedly categorized the recall as a class III recall. According to reports, a class III recall is initiated in a situation in which use of or exposure to a violative product is not likely to cause adverse health consequences.
Lupin's consolidated net profit rose 47.5% to Rs 807.08 crore on 34% growth in net sales to Rs 4091.32 crore in Q4 March 2016 over Q4 March 2015.
Lupin is a pharmaceutical company producing and developing a wide range of branded & generic formulations, biotechnology products and active pharmaceutical ingredients (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.
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