Lupin tanks 17%, hits over 3-year low as USFDA issues warning letter

The stock tanked 15% to Rs 880 on the BSE, trading at its lowest level since January 1, 2014.

Lupin hit over three-year low, tanked 15% to Rs 880 on the BSE in noon deal trade after the company said that the US health regulator issued combined warning letter for its Goa and Indore (Pithampur Unit II) sites. The stock is trading at its lowest level since January 1, 2014.

“The company received a warning letter issued by the US Food and Drug Administration (USFDA) on November 6, 2017 for our formulation manufacturing facilities at Goa and Indore (Pithampur Unit II),” Lupin said in a BSE filing.

While there will be no disruption of exiting product supplies