Lupin loses ?3,300 crore from valuation in two days
Pharmaceutical major Lupin has lost ?3,315 crore from its market valuation in just two days. Lupin shares plunged by 3% during intraday trade on Wednesday after US health regulators issued observations for its plant. The observations were made in Form 483, which are made when investigators feel practices are such that products may become adulterated or render injuries to health.
New Delhi, May 3 (PTI) Registering losses for the second day, Lupin today fell by 3 per cent on US health regulators observations for its Goa plant. The stock of the company declined by 3.09 per cent to end at Rs 1,264.20 on the BSE. During the day, it slipped 3.3 per cent to Rs 1,261.35. On the NSE, it fell 2.98 per cent 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 per cent 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 companys 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. 