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Lupin extends losses, loses m-cap by Rs 3,315 crore in 2 days
Registering losses for the second day, Lupin on Wednesday fell by 3 percent on US health regulator`s observations for its Goa plant.
New Delhi: Registering losses for the second day, Lupin on Wednesday fell by 3 percent on US health regulator's observations for its Goa plant.
The stock of the company declined by 3.09 percent to end at Rs 1,264.20 on the BSE. During the day, it slipped 3.3 percent to Rs 1,261.35.
On the NSE, it fell 2.98 percent to close at Rs 1,264.90.
On the volume front, 2.50 lakh shares of the company were traded on the BSE and over 18 lakh changed hands at the NSE during the day.
The stock had fallen by nearly 3 percent in the previous session also, wiping out Rs 3,315.25 crore from its market valuation in two days.
The stock was the worst hit among the blue-chips on both the indices, the Sensex and the Nifty.
"Recently, the company's manufacturing facility underwent an inspection by the USFDA... Subsequently, the USFDA issued Form 483 citing three observations," Lupin Ltd had said in a regulatory filing on Friday.
The company is in the midst of putting together a response to address the said observations, it added.
As per the USFDA, observations are made in Form 483 when investigators feel that conditions or practices in the facility are such that products may become adulterated or render injuries to health.
The FDA Form 483 notifies the company's management of objectionable conditions.