Lupin shares plunged 8 per cent intraday on Tuesday after USFDA gave 9 observations relating to inadequacy and adherence to operating norms for its manufacturing plant in Goa.
The share price of the pharma company closed 7.59 per cent down at Rs 1,726.60. The scrip opened at Rs 1,800 and touched a high and low of Rs 1,800 and Rs 1,720.00, respectively, in trade. Sensex closed 253.11 points, or 1.02 per cent, down at 24,551.17.
During the day, Lupin in a BSE filing, said, “The USFDA inspected Lupin’s Goa faciliy last week and cited 9 observations. The observations are on aspects such as inadequacy and adherence to SOPs. We are in the midst of putting together a response to address the USFDA’s oberservations.”
For the quarter ended December 2015, Lupin posted a consolidated net profit of Rs 529.75 crore, down 11.92 per cent, against Rs 601.45 crore in the corresponding quarter a year ago.
In the past one year, the share price of Lupin skid marginally 0.51 per cent to Rs 1868.50 on March 14, whereas BSE Sensex fell 12.98 per cent down the same period.