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BUZZ-India's Lupin dives to near 4-yr lows on FDA warnings
November 7, 2017 / 8:48 AM / 16 days ago

BUZZ-India's Lupin dives to near 4-yr lows on FDA warnings

** Drugmaker Lupin Ltd plunges as much as 17.8 pct to 850 rupees, its lowest since Nov. 2013

** U.S. Food and Drug Administration issued warning letter to co’s facilities in Goa in western India and Indore in central India - Lupin’s NSE filing

** Lupin says there will likely be delay in new product approvals from these facilities, however there will be no disruption to existing product supplies

** Company did not disclose basis of U.S. FDA’s warning letter

** Stock posts biggest intra-day pct fall since January 2008; top loser on both NSE and BSE index

** More than 18 mln shares traded, over 13 times their 30-day avg of 1.4 mln

** “Fifty pct of their pending filings come from their Goa facility, so it is a very crucial facility for them,” a pharma analyst at a domestic brokerage said

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