Lupin stocks slip 6 pct after USFDA three observations at Aurangabad plant

Lupin Limited stock price dropped 6 per cent Thursday after the company received three observations from the US health regulator for its Aurangabad-based manufacturing facility. The scrip declined 6 per cent to Rs 736.10 on the BSE. On the NSE, shares tanked 5.84 per cent to Rs 736.40. The US Food and Drug Administration (USFDA) carried out the inspection at the plant from May 6 to May 15, Lupin said in a statement Wednesday.

"The inspection at the Aurangabad facility closed with three observations. The company is confident of addressing them satisfactorily," it added. Lupin Wednesday posted consolidated profit after tax of Rs 296.37 crore for the fourth quarter of 2018-19 fiscal.

(With inputs from agencies.)