Lupin shares tumble over 6% on earnings disappointment

Shares of Lupin on Friday tumbled more than 6 per cent after the firm reported a 64.72 per cent decline in its consolidated net profit for the quarter to June 2020. The company's stock tanked 6.20 per cent to Rs 878.15 on the BSE.

On the NSE, too, it tumbled 6.24 per cent to Rs 877.80.

The drug firm reported a 64.72 per cent decline in its consolidated net profit to Rs 106.90 crore for the quarter to June 2020, hit by the COVID-19 pandemic.

The company had posted a net profit of Rs 303.05 crore for the corresponding period of the previous fiscal, Lupin said in a late night filing to the BSE on Thursday.

Consolidated total revenue from operations stood at Rs 3,527.9 crore for the quarter under consideration. It was Rs 3,877.7 crore for the same period a year ago.

"The quarter's performance was impacted by the COVID-19 pandemic and related lockdowns, affecting our key businesses in India and the US. We continue to focus on business continuity while ensuring employee safety," Lupin MD Nilesh Gupta said. SUM ANS ANS