Shares of Lupin slumped as much as four percent on Monday after the company said over the weekend that the US Food and Drug Administration has concluded an inspection at its Goa facility with seven observations.

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The stock hit an intraday low at Rs 913, down four percent. At 9:28 am, Lupin’s shares were trading 1.4 percent lower at Rs 937.45.

“The inspection was carried out from September 6, 2021, to September 18, 2021, and closed with seven observations,” Lupin said in a regulatory filing.

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“We are confident of addressing the observations satisfactorily and are committed to being compliant with Good Manufacturing Practice standards across all our facilities,” the company added.

The scrip has been witnessing selling for the last three days and has fallen more than six percent during the period.

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The downtrend in shares of the pharmaceutical company could be gauged from the fact that the stock is trading lower than 5-day, 20-day, 50-day, 100-day and 200-day moving averages.

In the past month, the stock was up merely one percent, while it lost 19 percent during the past three months and has fallen four percent YTD.

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