Continuing its decline trend for the fourth session in a row, the shares of Lupin on Thursday plummeted by 6.5 per cent to Rs 982 per share on the BSE intraday trade. The counter has slipped over 13 per cent this week since ahead of its June quarter results, released on Tuesday by the company.

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The stock on Wednesday had declined by around 7 per cent to its intraday low on the back of good, but lower than expected Q1 numbers. The pharma major reported a four-fold jump in its profit to Rs 548 crore, while its sales grew over 22 per cent to Rs 4237 crore in Q1FY22 on a year-on-year basis.

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Lupin is one of the favourite stocks of the share market Big Bull Rakesh Jhunjhunwala. He holds 7,245,605 shares (1.6 per cent) worth over Rs 800 crore, as per the June-end quarter shareholding pattern available on BSE.

For the second straight day, the scrip has been contributing most to the Pharma Index’s slump, along with other pharma companies such as Cadila and Aurobindo Pharma. In the otherwise positive market, it’s just the pharma sector, which is down by around 1 per cent during Thursday’s trading session. 

Nomura says, it is a weak quarter for Lupin as the US business fell materially on a sequential basis. The brokerage had pointed out that the company reported below expectations numbers all the fronts such as sales, PAT, and EBITDA, however, it maintains a Buy call with a target of Rs 1399 per share. 

The stock at around 01:45 pm, was trading near day’s low level at Rs 984 per share, down over 6 per cent on the BSE, as against a 0.5 per cent decline in the S&P BSE Sensex on Thursday. The scrip had registered Rs 1267.5 per share as its 52-week high touched on June 02, 2021.