Lupin did have good news to share but thanks to the overall mood of the market, the stock remained in the red.
The stock opened lower at Rs.717 and went down 2% to an intraday low at Rs.705. Its 10% LC for the day is at Rs.647.60.
The company yesterday received approval from the United States Food and Drug Administration (FDA) for its Abbreviated New Drug Application (ANDA), Efinaconazole Topical Solution, 10% to market a generic equivalent of Jublia Topical Solution, 10%, of Bausch Health Americas, Inc.
The product will be manufactured at Lupin's facility in Pithampur, India.
Efinaconazole Topical Solution had estimated annual sales of USD 274 million in the U.S. ((QVIA MAT December 2021).