Lupin shares continue to fall; tank nearly 8% after Q4 net profit drops 49%
The stock after making a weak opening, further slumped 7.65 percent to hit its one year low of Rs 1,133.70 on BSE
New Delhi: Shares of drug firm Lupin today plunged nearly 8 percent after the company reported over 49 percent dip in consolidated net profit for the fourth quarter ended March.
The stock after making a weak opening, further slumped 7.65 percent to hit its one year low of Rs 1,133.70 on BSE.
On NSE, it plunged 7.73 percent to Rs 1,133.50 -- its 52-week low.
Shares of Lupin had yesterday fallen by nearly 2 percent after results were announced.
Lupin on Wednesday reported over 49 percent dip in consolidated net profit to Rs 380.21 crore for the fourth quarter ended March, mainly on account of increase in expenses and impact of foreign exchange fluctuation.
The company had posted a net profit of Rs 747.88 crore in the corresponding quarter of previous fiscal.
However, consolidated total revenue from operations rose to Rs 4,253.30 crore for the quarter under consideration as against Rs 4,197.42 crore for the same period year ago.
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The company, which gets a bulk of its topline from IT services, said it expects revenues from that business to be in the range of $2,102 million to $2,143 million in the March 2021 quarter