Lupin tanks 6%; issues clarification on US FDA audit at Mandideep facilities

There were total 3 observations. As the site has both dosage form facility and API facility, 2 separate form 483s were issued with 2 observations each, the company stated.

Mar 29, 2016 10:03 IST India Infoline News Service

Lupin Ltd stock ended lower by 6% at Rs. 1401.

Lupin has clarified that there is speculation about a US FDA audit at our Mandideep facilities. We had an audit at our Mandideep location from 2nd Feb, 2016 to 19th Feb, 2016. There were total 3 observations. As the site has both dosage form facility and API facility, 2 separate form 483s were issued with 2 observations each. 
The company said "We believe that these observations are minor in nature and have already addressed these observations. We believe that the outcome of the audit will be Voluntary Action Indicated only and there will be no remediation required."
Earlier report says that Mandideep Unit has received 483 letter from US FDA.
The scrip opened at Rs. 1476.2 and touched a high and low of Rs. 1494 and Rs. 1294.05 respectively. A total of 20974177(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 67371.17 crore.
The BSE group 'A' stock of face value Rs. 2 touched a 52 week high of Rs. 2127 on 06-Oct-2015 and a 52 week low of Rs. 1490 on 28-Mar-2016. Last one week high and low of the scrip stood at Rs. 1564.4 and Rs. 1490 respectively.
The promoters holding in the company stood at 46.53 % while Institutions and Non-Institutions held 43.56 % and 9.92 % respectively.
The stock traded below its 200 DMA.

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