Lupin Hits 52-Week low, Down 3% on CLSA Downgrade

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Lupin shares hit fresh 52-week low of Rs 1,624, down 3 percent intraday Friday. 

 

CLSA downgraded the stock to underperform from buy and slashed target price to Rs 1,800 from Rs 2,162 earlier as two out of nine observations are critical. 

 

The brokerage says past instances indicate repeat compliance violations increase the risk of escalation and hence that may lead to delay in approvals. 

 

Even many pending approvals linked to Goa plant may get delayed, it adds. Uncertainty drives 9 percent cut to FY17-18 earnings per share forecast, says CLSA.