Lupin shares fall 4% after USFDA issues Form 483 for Pithampur plant

Shares of Lupin were in focus today after US Food and Drug Administration (USFDA) issued a Form 483 with ten observations after inspecting its Pithampur Unit-2 manufacturing facility. Lupin shares plunged 3.73% to Rs 628.1 against the previous close of Rs 652.45 on BSE. Market cap of the firm fell to Rs 29,118 crore. Total 0.45 lakh shares of the firm changed hands amounting to a turnover of Rs 2.85 crore on BSE.   

Earlier, the stock opened lower at Rs 641.10. Stock of Lupin has fallen 14.31 per cent in a year and lost 12.77 per cent in 2023. The share hit a 52-week high of Rs 798.90 on  April 5, 2022 and a 52-week low of Rs 583.05 on May 25, 2022. 

In terms of technicals, the relative strength index (RSI) of Lupin stock stands at 44.3, signaling it's neither trading in the overbought nor in the oversold zone. The stock has a beta of 0.8, indicating low volatility in a year. Lupin shares are trading lower than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.  

The inspection was done from March 21 to March 29, 2023. The inspection closed with issuance of a Form-483 with ten observations, Lupin said in a regulatory filing. ”We are addressing the observations comprehensively and will work with the US FDA to resolve these issues at the earliest,” it added. 

As per the USFDA, a Form 483 is issued to a firm’s management at the conclusion of an inspection when the investigator has observed any conditions that in its judgement may constitute violations of the Food Drug and Cosmetic (FD&C) Act and related Acts. 

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