Lupin Limited shares fell 1.84% on Thursday following a rating downgrade.
Citi lowered its recommendation for the stock from Buy to Sell. The brokerage reduced its target price to Rs 2,050 from Rs 2,540. Analysts cited concerns regarding the momentum of the company's US business.
Citi expects US base business sales to decline to $975 million by FY29. Profitability margins may drop to 20% from the current 30% level.
The market ignored Lupin's concurrent announcement of an FDA generic drug approval. The company also secured a strategic partnership in Europe on Thursday.