Reuters Market Eye - Shares in Lupin Ltd (LUPN.NS) slump 4 percent after earlier falling as much as 4.7 percent following the launch of rival Mylan Inc's (MYL.O) generic version of the cholesterol-lowering Tricor tablets.
Mylan Inc said in a statement on Friday its unit Mylan Pharmaceuticals Inc has shipped generic Tricor, or fenofibrate tablets, of 48 mg and 145 mg.
Mylan compete against Lupin, which also sells generic versions of Tricor.
"Mylan's launch of Tricor will result in higher competition and decline in Lupin's market share in a drug which has a market size of $1.2 billion," said Ranjit Kapadia, senior vice president at Centrum Broking.
(Reporting by Abhishek Vishnoi)
Trending On Reuters
France and Germany told Greece on Monday to come up with serious proposals in order to restart financial aid talks, a day after Greeks voted overwhelmingly to reject more austerity. Full Article | Greece a flashpoint for Europe?