Lupin falls as Mylan launches cholesterol drug
Credit Suisse downgraded the stock to "Neutral" from "Outperform" with a target price of Rs 755 per share.
Lupin is trading lower by over 4% to Rs 770 on BSE in otherwise firm market after rival Mylan Inc's on Friday launched a generic version of the cholesterol-lowering Tricor in the US.
On Friday, Mylan Inc in a statement said that its subsidiary Mylan Pharmaceuticals Inc has shipped generic Tricor, or fenofibrate tablets, of 48 mg and 145 mg.
Meanwhile, global investment bank Credit Suisse downgraded the stock to "Neutral" from "Outperform" with a target price of Rs 755 per share, the Bloomberg report suggests.
In past ten trading sessions, the stock has outperformed the market by surging 15% compared to 3% rise in benchmark Sensex on reporting a nearly three-fold increase in its consolidated net profit at Rs 408 crore for the fourth quarter ended March 31.
The stock opened at Rs 809 and touched low of Rs 766 on NSE. A combined 1.37 million shares already changed hands on the counter till 1118 hours against an average sub 1.16 million shares that were traded daily in past two weeks on NSE and BSE.
On Friday, Mylan Inc in a statement said that its subsidiary Mylan Pharmaceuticals Inc has shipped generic Tricor, or fenofibrate tablets, of 48 mg and 145 mg.
Meanwhile, global investment bank Credit Suisse downgraded the stock to "Neutral" from "Outperform" with a target price of Rs 755 per share, the Bloomberg report suggests.
In past ten trading sessions, the stock has outperformed the market by surging 15% compared to 3% rise in benchmark Sensex on reporting a nearly three-fold increase in its consolidated net profit at Rs 408 crore for the fourth quarter ended March 31.
The stock opened at Rs 809 and touched low of Rs 766 on NSE. A combined 1.37 million shares already changed hands on the counter till 1118 hours against an average sub 1.16 million shares that were traded daily in past two weeks on NSE and BSE.