Lupin drops after three observations from USFDA

Lupin dropped 3.84% to Rs 753 at 09:25 IST on BSE after the company said it has received three observations from the USFDA for its Aurangabad manufacturing facility.

The announcement was made after market hours yesterday, 15 May 2019.

Meanwhile, the S&P BSE Sensex was up 29.66 points, or 0.08% to 37,144.54

On the BSE, 1.04 lakh shares were traded in the counter so far compared with average daily volumes of 90,000 shares in the past two weeks. The stock had hit a high of Rs 771.90 and a low of Rs 748.40 so far during the day. The stock hit a 52-week high of Rs 986 on 10 September 2018. The stock hit a 52-week low of Rs 720.40 on 28 March 2019.

Lupin announced the completion of the United States Food and Drug Administration (USFDA) inspection carried out at its Aurangabad manufacturing facility. The inspection was carried out from 6 May to 15 May 2019. The inspection at the Aurangabad facility closed with three observations. The company is confident of addressing them satisfactorily.

On a consolidated basis, Lupin reported net profit of Rs 289.56 crore in Q4 March 2019 as compared to net loss of Rs 783.54 crore in Q4 March 2018. Net sales rose 8.73% to Rs 4325.93 crore in Q4 March 2019 over Q4 March 2018.

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

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