Lupin shares tumble 6 pc on earnings disappointment

In traded volume terms, 3.11 lakh shares of the firm were traded on the BSE and over one crore units on the NSE during the day. The drug firm reported a 64.72 per cent decline in its consolidated net profit to Rs 106.90 crore for the quarter to June 2020, hit by the COVID-19 pandemic.

Shares of Lupin on Friday tumbled 6 per cent after the firm reported a 64.72 per cent decline in its consolidated net profit for the quarter to June 2020. The company's stock closed 6.07 per cent lower at Rs 879.40 on the BSE. During the day, it tanked 6.55 per cent to Rs 874.90.

On the NSE, too, it plunged 5.79 per cent to close at Rs 881.95. In traded volume terms, 3.11 lakh shares of the firm were traded on the BSE and over one crore units on the NSE during the day.

The drug firm reported a 64.72 per cent decline in its consolidated net profit to Rs 106.90 crore for the quarter to June 2020, hit by the COVID-19 pandemic. The company had posted a net profit of Rs 303.05 crore for the corresponding period of the previous fiscal, Lupin said in a late night filing to the BSE on Thursday.

Consolidated total revenue from operations stood at Rs 3,527.9 crore for the quarter under consideration. It was Rs 3,877.7 crore for the same period a year ago. "The quarter's performance was impacted by the COVID-19 pandemic and related lockdowns, affecting our key businesses in India and the US. We continue to focus on business continuity while ensuring employee safety," Lupin MD Nilesh Gupta said.