Lupin extends gain; up 5% in four trading sessions

The stock moved higher by nearly 2% to Rs 852, extending its past three days 3.5% gain on the BSE

Lupin has moved higher by nearly 2% to Rs 852, extending past three days gain of 3.5% on the BSE, after Lupin Investments Private Limited, the promoter group company bought an additional stake in the company through open market purchases.

Lupin Investments purchased 100,000 shares of Lupin between December 5, 2017 and December 6, 2017, according to disclosure made by the pharmaceutical company to the stock exchanges.

In past one month, Lupin Investments acquired 900,000 shares of Lupin, data shows. Post acquisition, Lupin Investments stake in the company increased to 45.47% from 45.27% at the end of September 2017 quarter.

On December 6, the share price of Lupin hit multi-year low of Rs 807 in intra-day trade after the US Food and Drug Administration (USFDA) on November 7 had issued a warning letter to the company against a violation of current good manufacturing practice norms at two of its manufacturing facilities in Goa and Indore.

During the period, between November 7 and December 6, Lupin had underperformed the market and fell 22% as compared to 3% declined in the S&P BSE Sensex. The stock hit a 52-week high of Rs 1,573 on February 6, in intra-day deal.

At 02:53 PM; Lupin was trading 1.1% higher at Rs 847 against 0.66% decline in the benchmark index. A combined 2.27 million shares changed hands on the counter on the NSE and BSE so far.