Mumbai: Shares of Lupin Limited, India’s third-largest pharmaceutical firm, dipped almost 8% to Rs 1,525 in morning trade on the Bombay Stock Exchange (BSE) on Friday despite analysts describing the company’s fourth quarter as positive.
The scrip opened at Rs 1,620 and has touched a high and low of Rs 1,627.50 and Rs 1,525.35, respectively, in trade.
The pharma major reported 47.54% rise in its consolidated net profit figures at Rs 807.08 crore for the quarter ended March 31, 2016 against Rs 547.01 crore in the corresponding quarter a year ago.
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USFDA has raised concerns over inadequate manufacturing standards at the company’s Goa factory, on which Lupin depends for about 40% of its US sales.
According to the brokerage house, Lupin continues to work holistically to resolve the pending USFDA 483’s at Pithampur (Indore), Aurangabad, Goa and Mandideep plants.
The company has responded on Goa observations with a follow-up update and awaits FDA response.