Shares of Lupin dipped 5 per cent to Rs 1,173 on the BSE in intra-day trade on Monday after the pharmaceutical company said it has received a Warning Letter (WL) for its manufacturing plant at Somerset, New Jersey. This is the only manufacturing plant of Lupin located in the US.
However, Lupin said the company does not believe that the warning letter will have an impact on disruption of supplies or the existing revenues from operations of this facility.
At 09:57 am, Lupin was trading 3 per cent lower at Rs 1,194, as compared to 0.37 per cent decline in the S&P BSE Sensex. A combined 1.4 million shares have changed hands on the counter on the NSE and BSE, so far.
The U.S. FDA had inspected the Lupin Somerset site from September 10, 2020 to November 5, 2020.
The company does not believe that the warning letter will have an impact on disruption of supplies or the existing revenues from operations of this facility, Lupin said.
We are committed to addressing the concerns raised by the U.S. FDA and will work with the FDA and the New Jersey District to resolve these issues at the earliest, the company said.
The announcement was made on Sunday, 13 June 2021. Shares of Lupin rose 0.05% to settle at Rs 1,230.25 on Friday, 11 June 2021.
Lupin is an innovation-led transnational pharmaceutical company. The company develops and commercializes a wide range of branded and generic formulations, biotechnology products and APIs in over 100 markets in the U.S., India, South Africa and across Asia Pacific (APAC), Latin America (LATAM), Europe and Middle-East regions.
Lupin shares drop nearly 3% on USFDA warning letter for Somerset facility
June 14, 2021
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The regulator had inspected the Lupin Somerset site from September 10, 2020 to November 5, 2020
Shares of drug major Lupin fell nearly 3 per cent during the morning trade on Monday after the company received a warning letter from the US FDA for its Somerset, New Jersey facility.
At 11:29 am, Lupin was trading at ₹1194.60 on the BSE, down ₹35.65 or 2.90 per cent. It had opened at ₹1194.00 as against the previous close of ₹1230.25. It hit an intraday high of ₹1202.10 and a low of ₹1173.35.
ON the NSE, it was trading at ₹1,194.50, down ₹35.85 or 2.91 per cent.
Read more about Lupin receives USFDA warning letter for its Somerset site on Business Standard. The company does not believe that the warning letter will have an impact on disruption of supplies or the existing revenues from operations of this facility.
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