Lupin shares bounce back; up over 5% on value-buying

Shares of drug major Lupin today made a strong comeback, surging over 5 per cent, on value-buying at lower level after the company said the USFDA observations about its Mandideep facility were "minor in nature".
The stock, which had lost 6 per cent in the previous session, saw recovery and ended at Rs 1,474.50, up 5.21 per cent on BSE. During the day, it surged 6.27 per cent to Rs 1,489.40.
At NSE, shares of the company climbed 5.26 per cent to close at Rs 1,475.30.
Led by the rise in the stock price, the company added Rs 3,291.51 crore to Rs 66,438.46 crore.

On the volume front, 6.24 lakh shares of the company changed hands at BSE and over 69 lakh shares were traded at NSE during the day.
"We had an audit at our Mandideep location from February 2 to February 19. There were total of three observations. As the site has both dosage form facility and API facility, two separate form 483s were issued with two observations each," Lupin had said in a regulatory filing yesterday.
The company said the observations were "minor in nature" and would not lead to any disruption of product supply from the location.
The company's Mandideep facility is engaged in the manufacturing of APIs as well as dosage forms which produces sterile and non-sterile pharmaceutical products and mainly caters to the US and Europe markets.