Lupin shares down over 3% on weak earnings

Shares of drug major Lupin today fell over 3 per cent, extending the previous session's fall after the company reported lower-than-expected earnings for the fourth quarter ended March 31.
The stock ended at Rs 1,632.80, down 3.42 per cent on the BSE. During the day, it had slipped 5.98 per cent to Rs 1,589.40.
On the NSE, it fell by 3.4 per cent to settle at Rs 1,631.95.
The stock had lost over 3 per cent yesterday. Lupin's market valuation has thus dipped by Rs 5,185.71 crore to Rs 73,440.29 crore in the past couple of sessions.
The company yesterday reported over 1 per cent decline in consolidated net profit at Rs 547 crore for the fourth quarter ended March 31, hit by price erosion in the US and delay in product approvals.

It had posted a net profit of Rs 553 crore in the January -March period of the previous fiscal.

Net sales of the company were Rs 3,054.04 crore for the fourth quarter of 2014-15, as compared to Rs 3,051.55 crore in the year-ago period.
For the entire fiscal ended March 31, Lupin reported 30.86 per cent increase in consolidated net profit at Rs 2,403.24 crore, as compared to Rs 1,836.37 crore in 2013-14.
Net sales of the company rose to Rs 12,599.71 crore last fiscal, as against Rs 11,086.64 crore in the previous fiscal.