Lupin falls over 7% as India, Japan sales falter

 
Shares in drugmaker Lupin were down 7.3 per cent after April-June domestic revenue fell 5 per cent from a year ago, along with a 12 per cent drop in sales in Japan.

The government's new drug pricing regulation, which seeks to cap prices of medicines deemed essential, has also had an impact on India sales, Lupin's group president Nilesh Gupta told Reuters.

Meanwhile, a drug manufacturing contract that was deferred hurt sales at Lupin's Japanese unit, Gupta added.

Lupin had earlier reported consolidated net profit rose 43 per cent to Rs 401 crore, while consolidated net sales rose 9.1 per cent.

Copyright: Thomson Reuters 2013