Lupin tumbled 6.68% at Rs 1,743.65 at 14:02 IST on BSE after the company clarified that the United States Food and Drug Administration inspected its Goa facility last week and cited 9 observations.
The company issued the clarification during trading hours today, 15 March 2016.Meanwhile, the S&P BSE Sensex was down 254.64 points or 1.03% at 24,549.64.
On BSE, so far 2.46 lakh shares were traded in the counter as against average daily volume of 2.41 lakh shares in the past one quarter. The stock hit a high of Rs 1,800 and a low of Rs 1,736.50 so far during the day. The stock had hit a 52-week low of Rs 1,589.40 on 14 May 2015. 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 14 March 2016, advancing 6.71% compared with Sensex's 7.91% rise. The scrip had, however, outperformed the market in past one quarter, surging 6.93% as against Sensex's 1.38% fall.
The large-cap company has equity capital of Rs 90.11 crore. Face value per share is Rs 2.
Lupin said that the observations by the United States Food and Drug Administration (USFDA) are on aspects such as inadequacy and adherence to Standard Operating Procedures (SOPs). Lupin said that it is in the midst of putting together a response to address the USFDA's observations. The company issued the clarification after media reports suggested that the USFDA cited nine observations in its inspection of the company's Goa facility last week.
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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