Lupin plunges 4% despite new drug launch

The company launched its Metformin HCl ER Tablets, 500 mg and 1000 mg to market a generic equivalent of Santarus Inc.’s Glumetza HCl ER Tablets, 500 mg and 1000 mg, in the US.

Shares of Lupin are currently trading 4.10% lower at Rs. 1,629.25 on BSE despite the company, on Tuesday, launched its Metformin HCl ER Tablets, 500 mg and 1000 mg to market a generic equivalent of Santarus Inc.’s Glumetza HCl ER Tablets, 500 mg and 1000 mg, in the US. 

The scrip opened at Rs. 1705 and has touched a high and low of Rs. 1718.95 and Rs. 1617.55 respectively. So far 494264(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 76577.18 crore.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 2127 on 06-Oct-2015 and a 52 week low of Rs. 1523.55 on 03-Feb-2015. Last one week high and low of the scrip stood at Rs. 1778 and Rs. 1681.45 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 is currently trading above its 200 DMA.