Shares of pharma major Lupin Ltd plunged 3 per cent on the bourses today, reversing the initial gains it made after announcing that it has received approval from the US health regulator to sell a drug used for treating high blood pressure.
On BSE, the scrip settled at Rs 1,405.10, down 2.78 per cent from previous close. After opening at Rs 1,446.05, it rose 1.23 per cent to touch an intra-day high of Rs 1,463.15.
Following the decline in counter, the market capitalization of the company dropped by Rs 1,778.06 crore to Rs 63,427.44 crore.
The stock ended the day on NSE at Rs 1,399.05, down 3.23 per cent from the previous close. It had opened at Rs 1,445 and jumped 1.27 per cent to an intra-day high of Rs 1,463.35.
On the volume front, over 9.62 lakh shares of the company changed hands on the bourses.
"It has received tentative approval for Olmesartan medoximil tablets, 5 mg, 20 mg and 40 mg from the US Food and Drug Administration (USFDA)," Lupin Ltd said in a BSE filing today.
Olmesartan medoximil tablets, generic version of Daiichi Sankyo's Benicar, are indicated for the treatment of hypertension, along with other antihypertensive agents to lower blood pressure, it added.
The benchmark Sensex closed at Rs 25,807.10, down 0.90 per cent from previous close.
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