Brokerages downgrade Lupin post weak Q3; see up to 17% downside

Lupin shares fell 7.5 per cent to Rs 681 apiece on the BSE in the intra-day trade

Shares of Lupin came under heavy selling pressure on Monday after several brokerages downgraded the stock post its weak earnings growth during the October-December quarter (Q3FY23). The shares fell 7.5 per cent to Rs 681 apiece on the BSE in the intra-day trade as against a 0.57 per cent dip in the benchmark S&P BSE Sensex at 12:09 PM.

Nirmal Bang Institutional Equities, for instance, has downgraded the stock to 'sell' (target price: Rs 655) as it believes Lupin has the worst margins, and return ratios among the large-cap peer set. Despite product restructuring, and cost optimization, the company has continued