Meanwhile, the BSE Sensex was down 151.55 points or 0.9% to 16,766.53.

On BSE, 39,000 shares were traded in the counter as against average daily volume of 61,885 shares in the past one quarter.

The stock hit a high of Rs 593.85 so far during the day, which is a record high for the counter. The stock hit a low of Rs 580 so far during the day.

The stock had outperformed the market over the past one month till 24 July 2012, surging 10.56% compared with the Sensex's 0.32% fall. The scrip had also outperformed the market in past one quarter, jumping 7.79% as against Sensex's 1.68% fall.

The Lupin stock has risen 2.75% in two trading sessions from Rs 570.30 on 23 July 2012, after the company during trading hours on Tuesday, 24 July 2012 announced good Q1 June 2012 results. The stock had risen 2.07% to settle at Rs 582.15 on Tuesday, 24 July 2012.

Lupin's consolidated net profit jumped 33.5% to Rs 280.39 crore on 43.8% growth in net sales to Rs 2219.15 crore in Q1 June 2012 over Q1 June 2011.

Lupin said material cost declined by 3% to 37% of net sales at Rs 818.70 crore in Q1 June 2012 as compared to Rs 616.90 crore in Q1 June 2011. Personnel cost decreased by 0.6% to 13.6% of net sales at Rs 301.40 crore in Q1 June 2012 as against Rs 219.30 crore in Q1 June 2011. Manufacturing & other expenses increased by 2.2% to 30.5% of net sales at Rs 676 crore in Q1 June 2012 from Rs 437.20 crore in Q1 June 2011.

Revenue expenditure on R&D stood at 8% of net sales at Rs 178.20 crore in Q1 June 2012, higher than 7% of net sales in Q1 June 2011. Lupin's operating working capital increased to Rs 1925.60 crore as on 30 June 2012 from Rs 1902.80 crore as on 31 March 2012. The working capital number of days stood at 78 days as on 30 June 2012 as against 99 days on 31 March 2012. Debt equity ratio stood at 0.27 as on 30 June 2012, lower than 0.32 as on 31 March 2012.

Headquartered in Mumbai, Lupin is an innovation led transnational pharmaceutical company producing a wide range of generic and branded formulations and APIs. The company has significant presence in the Cardiovascular, Diabetology, Asthma, Pediatrics, CNS, GI, Anti-Infectives and NSAID space in addition to holding global leadership positions in the Anti-TB and Cephalosporin segments.