Lupin plunges despite getting approval for Goa Plant

Lupin shares fell by 3  per cent  intraday despite the announcement of successful completion of inspection of the company’s Goa facility by the UK MHRA.

United Kingdom's Medicine and Healthcare products Regulatory Agency (UK MHRA) inspected the company's Goa facility and cited no critical or major observation. The inspection was conducted in March this year.

Lupin is a transnational pharmaceutical company engaged in developing a wide range of branded and generic formulations, biotechnology products. With rapid approvals from the US Food and Drug Administration (USFDA), the company is expected to launch around 30 generic products in the US this year, which is the world's largest pharma market.

On Monday, the share's intraday high was at Rs. 635.05 per share and  intraday  low was at Rs. 612.30. The 52-week high was of Rs. 663 and  52-week  low was at Rs. 508 per share on the BSE.

At 3:11 hours, the stock was trading at Rs. 621 per share, down by 0.80  per cent . The BSE Sensex was trading at 36,337.33, down by 0.58  per cent , while Nifty50 was quoting 10,935.40 level, down by 0.76  per cent .