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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.
Read more about Alembic Pharma falls 6% post March quarter results on Business Standard. Alembic Pharma Q4FY21 operational performance was marginally below estimates, largely due to lower traction in US and Domestic Formulation (DF) sales
Shares of Torrent Pharmaceuticals dipped 8 per cent to Rs 2,545 on the BSE on Tuesday after the company reported its December quarter (Q3FY21) results, with flat consolidated revenue growth at Rs 1,995 crore, mainly due to 23.4 per cent year on year (YoY) decline in US formulations to Rs 292 crore.
The company said that the US sales was impacted by price erosion on base business & base impact of Sartan portfolio discontinuation. However, domestic revenues grew 7 per cent YoY at Rs 930 crore driven by market recovery, continued momentum in chronic brands & strong recovery in sub‐chronic brands, it said. Brazil de-grew 8.5 per cent YoY to Rs 173 crore. Germany business grew a robust 21.0 per cent YoY to Rs 265 crore.