USFDA has issued a combined warning letter to Lupin's two manufacturing sites located at Goa and Indore (Pithampur unit II) These plants account for a larger share of the pending ANDA pipeline During the recent quarterly discussion, Management was quite confident of the clearences from the authorities, however, we had revised down a TP to Rs867 (earlier Rs1,039). Now with the focus of the management for corrective actions, we expect the costs to gain momentum. Key Highlights and Investment Rationale...