Lupin shares crash nearly 17%

Lupin shares crash nearly 17%

Shares of drug firm Lupin on Tuesday plunged nearly 17%, wiping out Rs 7,866 crore from its market valuation, after the company said it has received warning letter from the US health regulator for its manufacturing facilities in Goa and Pithampur, Indore.

The stock tumbled 16.84% to end at Rs 860.50 on BSE. During the day, it tanked 18.21% to Rs 846.20 -- its 52-week low. On NSE, shares of the company plummeted 16.88% to close at Rs 859.90.

Stock plunges

The stock was the biggest loser among the bluechips on both the key indices.

Following the steep decline in the stock price, the company's market valuation also eroded by Rs 7,866.28 crore to Rs 38,884.72 crore.

In terms of equity volume, 28.92 lakh shares of the company were traded on BSE.