Lupin extends recent slide

Lupin lost 2.23% to Rs 1,069.90 at 14:25 IST on BSE, with the stock extending recent slide.

Meanwhile, the S&P BSE Sensex was up 143.04 points or 0.46% at 31,426.68.

On the BSE, 1.78 lakh shares were traded on the counter so far as against the average daily volumes of 1.18 lakh shares in the past one quarter. The stock had hit a high of Rs 1,089.90 so far during the day. The stock hit a low of Rs 1,067.50 so far during the day, which is a 52-week low. The stock had 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 21 June 2017, sliding 16.78% compared with the Sensex's 2.69% rise. The stock had also underperformed the market over the past one quarter, declining 24.79% as against the Sensex's 6.1% rise. The scrip had also underperformed the market over the past one year, declining 24.51% as against the Sensex's 16.67% rise.

The large-cap company has equity capital of Rs 90.34 crore. Face value per share is Rs 2.

Shares of Lupin have fallen 9.56% in five trading sessions to its ruling price, from its closing of Rs 1,183.05 on 15 June 2017.

Media reports suggested that Lupin's Pithampur Unit 3 has been issued 5 observations by the US Food and Drug Administration (USFDA).

Meanwhile, Lupin announced during market hours today, 22 June 2017, the launch of its Desoximetasone Cream USP, 0.05% and Desoximetasone Cream USP, 0.25% having received an approval from the United States Food and Drug Administration (FDA) earlier.

Desoximetasone Cream USP, 0.05% and Desoximetasone Cream USP, 0.25% are the AB rated generic equivalent of Taro Pharmaceuticals North America, Inc's Topicort LP Emollient Cream, 0.05% and Taro Pharmaceuticals, Inc's (collectively Taro) Topicort Cream, 0.25%. Both products are indicated for the relief of the inflammatory and pruritic manifestations of corticosteroid-responsive dermatoses.

Topicort LP Emollient Cream and Topicort Cream had combined US sales of $38 million (IMS MAT April 2017).

On consolidated basis, Lupin's net profit fell 49.2% to Rs 380.21 crore on 1.3% growth in net sales to Rs 4161.88 crore in Q4 March 2017 over Q4 March 2016.

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

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