Lupin down in the red

Lupin is down in the red today morning. The stock, which had closed on Friday at Rs.1230.35, went down over 4.5% to hit an intraday low at Rs.1173.35. Its 10% LC for the day is at Rs.1107.25.

The company announced yesterday that it has received a warning letter from the U.S. FDA for the company’s Somerset, New Jersey facility.

The 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.

The company 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. We uphold quality and compliance issues with utmost importance and are committed to be compliant with Good Manufacturing Practice standards across all our facilities.”