Lupin declines on buzz Aurangabad unit receives USFDA observations

Lupin fell 2.62% to Rs 1,246.05 at 14:58 IST on BSE on media reports that the US drug regulator issued eight observations to the company's Aurangabad unit.

Meanwhile, the S&P BSE Sensex was up 20.64 points, or 0.07% to 29,946.79.

On the BSE, 1.66 lakh shares were traded in the counter so far, compared with average daily volumes of 82,033 shares in the past one quarter. The stock had hit a high of Rs 1,289.95 so far during the day. The stock had hit a low of Rs 1,242.50 so far during the day, which is also a 52-week low for the counter. The stock hit a 52-week high of Rs 1,750 on 29 July 2016.

The stock had underperformed the market over the past one month till 8 May 2017, falling 9.27% compared with 0.74% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 12.86% as against Sensex's 5.61% rise.

The large-cap company has equity capital of Rs 90.33 crore. Face value per share is Rs 2.

According to media reports, the US Food and Drug Administration (FDA) issued eight observations for Lupin's Aurangabad unit, which was inspected between 17th and 26th April 2017.

Lupin's consolidated net profit rose 20.7% to Rs 633.11 crore on 31.5% increase in net sales to Rs 4404.94 crore in Q3 December 2016 over Q3 December 2015. The company will declare Q4 results on 24 May 2017.

Lupin is a pharmaceutical company developing and delivering a wide range of branded & generic formulations, biotechnology products and APIs globally.

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