Lupin hits fresh 52-week low, receives 6 USFDA observations
DSIJ Intelligence / 25 May 2017
The stock had hit its 52- week low in intraday trade on Wednesday, May 24, 2017, while it further plunged as much as 7.6 per cent to hit its fresh 52-week low of Rs 1,133.50 in early trade on Thursday.
Pharma major Lupin continued its dip in the stock market on Thursday, May 25, 2017, as it received six USFDA Form 483 observations for its Indore plant.
The stock had hit its 52- week low in intraday trade on Wednesday, May 24, 2017, while it further plunged as much as 7.6 per cent to hit its fresh 52-week low of Rs 1,133.50 in early trade on Thursday.
The stock had dipped to its 52-week low on Wednesday over the recorded reduction of 49.2 per cent and 5.1 per cent in the company’s net profit and total revenue in the fourth quarter results of the fiscal year 2017, respectively.
Whereas, the USFDA observations included a lack of review of unexplained discrepancy and follow-ups in written records of probes, the absence of written procedures for production and control records, and the absence of appropriate machinery for the manufacturing of drugs.
At 10:30 hrs IST, Lupin was trading at Rs 1154, decreased by 6 per cent on the BSE, on May 25, 2017.