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Lupin shares fall nearly 3%, market valuation down by Rs1,497 crore

LiveMint logoLiveMint 02-05-2017 PTI

New Delhi: Shares of Lupin on Tuesday fell by nearly 3% after the US health regulator issued three observations for its Goa plant. The stock lost 2.49% to end at Rs1,304.45 on BSE.

During the day, it declined 2.82% to Rs1,300.05 — its 52-week low.

At NSE, shares of the company went down by 2.58% to close at Rs1,303.80. The company’s market valuation too declined by Rs1,497.42 crore to Rs58,913.58 crore.

The stock was the worst hit among the bluechips on both the indices, Sensex and Nifty.

“Recently, the company’s manufacturing facility underwent an inspection by the US FDA...subsequently to that US FDA issued Form 483 citing three observations,” Lupin Ltd had said in a regulatory filing on Friday.

The company is in the midst of putting together a response to address the said observations, it added.

As per the US FDA, observations are made in Form 483 when investigators feel that conditions or practices in the facility are such that products may become adulterated or render injuries to health.

The FDA Form 483 notifies the company’s management of objectionable conditions.

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