Lupin tanks as USFDA classifies Goa plant as OAI

Shares of Lupin tumbled almost 4 per cent in the morning session as the company reported about the USFDA inspection of its Goa facility.

The USFDA has classified the inspection conducted at Lupin’s Goa facility as Official Action Indicated (OAI). The USFDA has stated that this facility may be subject to regulatory or administrative action and that the regulator may withhold approval of any pending applications or supplements in which this facility is listed.

The inspection at the Goa facility was conducted from January 28 to February 8, 2019, and had closed with two observations. Based on USFDA's Concept of Operations program, the company understands that the status of the facility is still under review.

Lupin is an innovation led transnational pharmaceutical company developing and delivering a wide range of branded and generic formulations, biotechnology products and APIs, globally.

On Monday, the stock of Lupin opened at Rs. 744 against Friday’s close of Rs. 762 per share. At 10:40 hours, the stock was trading at Rs. 743.80, which is 2.51 per cent lower than the previous close. It reached an intraday high of Rs. 753 and an intraday low of Rs. 721 per share on the BSE. The 52-week high stood at Rs. 986 and 52-week low was at Rs. 720.40 per share on the BSE.