Lupin shares fall 3.73% after USFDA issues Form 483

After inspecting its Pithampur Unit 2 manufacturing facility, the shares of Lupin were in focus today after the US Food and Drug Administration USFDA issued a Form 483 with ten observations. Lupin shares fell by 3.73% to Rs 628.1 against the previous close of Rs 652.45 on the BSE. The firm's market cap fell to 29,118 crore. The firm's shares changed hands for a total of 0.45 lakh, which was a turnover of Rs 2.85 crore on the BSE.

The stock opened lower at Rs 641.10 earlier in the day. The 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 the Lupin stock is 44.3, signaling that it is not trading in the overbought or oversold zone. The stock has a beta of 0.8, indicating low volatility in a year. Lupin shares are trading lower than the 200 day, 20 day, 50 day, 100 day and 5 day moving averages.

The inspection took place from March 21 to March 29, 2023. The inspection closed with the issuance of a Form 483 with ten observations, according to Lupin in a regulatory filing. We are addressing the observations in a comprehensive manner and will work with the US FDA to resolve these issues at the earliest, it added.

A Form 483 is issued to firm management at the conclusion of an inspection when the investigator has observed any conditions that may be a violation of the Food Drug and Cosmetic FD&C Act and related Acts, as per the USFDA.