Lupin shares sink nearly 8%; m-cap dips by Rs 6,322 cr

Shares of Lupin today slumped nearly 8 per cent as the company received nine observations relating to inadequacy and adherence to operating norms for its manufacturing plant in Goa from the USFDA.
The stock tumbled 7.59 per cent to settle at Rs 1,726.60 on BSE. During the day it dipped 7.94 per cent to Rs 1,720.
At NSE, shares of the company plunged 7.82 per cent to close at Rs 1,722.90.
The stock was the top loser among the blue-chips on both Sensex and Nifty.
The company's market valuation plummeted by Rs 6,322.56 crore to Rs 77,793.44 crore.
In terms of volume, 3.13 lakh shares of the company changed hands at BSE and over 32 lakh shares were traded at NSE during the day.

"We wish to state that the USFDA (US Food and Drug Administration) inspected company's Goa facility last week and cited nine observations," Lupin said in a regulatory filing.
The observations are on aspects such as inadequacy and adherence to standard operating procedures (SOPs), it added.
The company's Goa facility supplies over 100 products to various regulated markets including the US and EU. The plant has filed more than 115 abbreviated new drug applications (ANDA's) in the US market.