Lupin drags Nifty Pharma by ~3%

Selling was seen across the pharma space as the day progressed – Lupin tanked 5% to Rs746. The Nifty Pharma index was trading ~3% lower in Thursday’s morning session.

Lupin dropped 5% after the company said it has received three observations from the USFDA for its Aurangabad manufacturing facility. The company posted a net profit of Rs289.56cr in the quarter ended March 2019 as against a net loss of Rs783.54cr during the previous quarter ended March 2018.

Shares of Piramal Enterprises and Cadila, which slumped 4% each, were leading the index’s fall.

Shares of Sun Pharma, Glenmark Pharma, and Cipla, which dropped over 2.5%, also contributed to the index’s fall.

On the other side, Aurobindo Pharma, Divi’s Lab and Biocon were trading marginally down on the pharma index.

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