Lupin shares tank over 9%; top loser on Sensex, Nifty

Drug major Lupin today plunged over 9 per cent despite the company witnessing a 47.5 per cent growth in consolidated net profit for the quarter ended March.
Investors resorted to profit-booking ignoring the company's best quarterly show.
The scrip ended the day with a sharp loss of 9.10 per cent at Rs 1,505.15 on BSE. Intra-day, it tanked 9.62 per cent to Rs 1,496.50.
At NSE, shares of the company slumped 9.1 per cent to close at Rs 1,504.80.
The scrip was the biggest loser among bluechips on both Sensex and Nifty during the trade.
Yesterday, Lupin had reported a 47.5 per cent growth in consolidated net profit for the fourth quarter of 2015-16 at Rs 807.1 crore, its best-ever quarterly show, driven by strong sales in the US, Europe, Japan and India.

Net profit read Rs 547 crore in the same period of the previous fiscal.

Net sales rose 34 per cent to Rs 4,091.3 crore for the quarter under review compared with Rs 3,054 crore a year earlier, the Mumbai-based drugmaker said in a statement.
The turnover of over Rs 4,000 crore too is a record for the pharma company.
For 2015-16, the company registered a net profit of Rs 2,270.7 crore, down 5.5 per cent year-on-year, as the company invested around Rs 500 crore more in R&D activity during the year.
In the broader market the Sensex ended at 25,301.90, down 97.82 points.