Lupin dropped 0.79% to Rs 795.35 at 10:38 IST on BSE, with the stock extending previous session's losses triggered by weak Q3 results.
Meanwhile, the S&P BSE Sensex was up 62.96 points, or 0.18% to 34,258.90.
On the BSE, 1.73 lakh shares were traded in the counter so far, compared with average daily volumes of 2.96 lakh shares in the past one quarter. The stock had hit a high of Rs 800 in intraday trade. The stock had hit a low of Rs 782.10 so far during the day, which was also a 52-week low for the stock. The stock had hit a 52-week high of Rs 1,572.25 on 6 February 2017.
The stock had underperformed the market over the past one month till 6 February 2018, falling 10.84% compared with 0.12% rise in the Sensex. The scrip had also underperformed the market in past one quarter, declining 22.52% as against Sensex's 1.38% rise. The scrip had also underperformed the market in past one year, tumbling 46.35% as against Sensex's 20.24% rise.
The large-cap company has equity capital of Rs 90.41 crore. Face value per share is Rs 2.
Lupin's consolidated net profit plunged 65% to Rs 221.73 crore on 11.5% decline in net sales to Rs 3900.36 crore in Q3 December 2017 over Q3 December 2016. The result was announced at the fag end of market hours yesterday, 6 February 2018.
The stock had slumped 5.9% to Rs 801.65 yesterday, 6 February 2018 after announcing results.
Net profit for the quarter includes impact of Rs 36.10 crore on account of remeasurement of deferred tax assets/liabilities pertaining to US operations based on enactment of the new tax regime.
Commenting on the results, Nilesh Gupta, Managing Director, Lupin said that the quarterly performance was muted on the back of business mix as well as forex losses. The company continues to grow strong in all our markets while the US business is now starting to stabilize at the current level.
The near-term priorities are to successfully commercialize Solosec, resolve the warning letter on Goa and Indore unit 2 and continue to evolve complex generic pipeline while accelerating growth in company's other markets, he added.
Lupin is a transnational pharmaceutical company developing and delivering a wide range of branded & generic formulations, biotechnology products and active pharmaceutical ingredients (APIs) globally.
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