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On Monday, Lupin Ltd’s shares dipped 4 per cent to Rs 913 on the BSE in intra-day trade after the pharmaceutical company said on Sunday that its Goa facility had received seven observations from the US drug regulator. The Goa plant was inspected in March 2017 and received a warning letter from the US Food and Drug Administration (USFDA). The stock had hit a 52-week low of Rs 856 on 10 November 2020.
“The USFDA has concluded an inspection at our Goa facility in India. The inspection was carried out from September 6, 2021, to September 18, 2021, and closed with seven observations,” Lupin said in a statement. “We are confident of addressing the observations satisfactorily and are committed to being compliant with Good Manufacturing Practice standards across all our facilities,” the release added.
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Lupin also has Mandideep, Pithampur and Somerset facilities under warning letter while the Tarapur facility is under an official action indicated status. These seven observations for the Goa facility, under regulatory oversight for four years, can impact investor sentiments. However, revenue will not be affected in the near term, ICICI Securities said.
Stock Covered in the news
