Shares of Lupin today slumped to 3-month low as March-quarter consolidated net profit was at Rs 547 crore ($85.67 million) vs consensus expectation of Rs 611 crore.
The shares fell 5 per cent adding to Wednesday’s 3.4 per cent loss. This marks the lowest intraday level since February 12.
Jefferies has downgraded the stock to “hold’’ from “buy’’ after the results were announced.
It says that the company is in investment mode but still trading at a 10 per cent premium to sector.
The stock trades at 25.5 times 1-year forward earnings vs peer median of 23.4 times, says Thomson Reuters Eikon data ($1 = 63.8500 Indian rupees).