The stocks of Lupin Ltd nosedived to reach 52-week low on Tuesday. The 17% fall came after th firm has received a warning letter on Monday issued by the USFDA (United States Food and Drug Administration) pertaining to its two manufacturing facilities located in Goa and Indore (Pithampur Unit II). As soon as the company announced about the warning letter,the stock plunged to a 52-week low of Rs 851.20 in intraday trade. "The company has received a warning letter issued by the United States Food and Drug Administration (USFDA) on November 6, 2017 for our formulation manufacturing facilities at Goa and Indore (Pithampur Unit II)", Lupin said in a filing to BSE. The imapct of USFDA warning will be a likely delay in new product approvals from Goa and Pithampur facilities.

Source: dna November 07, 2017 09:45 UTC