Lupin Insiders Buy $3.1 Billion of Shares After Stock Sinks

Corrected

Companies belonging to founders of Lupin Ltd. have transferred shares among themselves amid a 30 percent plunge in the stock, the worst-performer this year on the benchmark S&P BSE Sensex. Lupin Investments Pvt., other group firms and insiders internally transferred or bought $3.1 billion of shares, data for the September quarter compiled by Bloomberg show. India’s second-biggest drugmaker by revenue trades at 18.6 times reported profits, versus 23.8 for the Sensex, with the valuation discount being near the widest since 2009.

(Corrects to show bulk of trades were transfers among founder entities.)
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