Lupin hit its 52-week low over drop in Q4 profits
DSIJ Intelligence / 24 May 2017
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Indian drug company, Lupin got hit by a steep fall of over 6 per cent on the bourses, as the company reported a 49.2 per cent drop in its net profit in the fourth quarter of FY17.
Indian drug company, Lupin got hit by a steep fall of over 6 per cent on the bourses, as the company reported a 49.2 per cent drop in its net profit in the fourth quarter of FY17. A slumped business in the US generics market is reasoned to the gravity behind the stark fall in its profit.
The company’s net profit for dropped from Rs 748 crore in the fourth quarter of FY16 to Rs 380 crore in the Q4 of the fiscal year 2017. Furthermore, the company’s total revenues also got reduced by 5.1 per cent to Rs 4,253 crore.
Lupin hit its 52-week low on the BSE on 14:25 hrs IST on May 24, 2017, trading at Rs 1168.10, down by 6.47 percent on the BSE. The stock closed at Rs 1227.65, down by 1.71 per cent on May 24, 2017.
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