Natco Pharma shares hit a slump on 8 September after the company was named a defendant in an antitrust lawsuit in the United States of America.

A lawsuit was filed by Louisiana Health Service and Indemnity Company and HMO Louisiana against Natco Pharma regarding a drug named pomalidomide that is used in treating cancer.

The company said in its regulatory filing that “Natco believes this matter is without merit.”

The names of other defendants within this lawsuit are Bristol Myers Squibb, Celgene Corporation, and Breckenridge Pharmaceutical.

The company is engaged in developing, manufacturing, and marketing finished dosage formulations and APIs (active pharmaceutical ingredients).

In its quarterly report for the April-June quarter, the company reported a 31% YoY increase in its net profit at Rs 420 crore and reported a 26% YoY increase in its revenue from operations at Rs 1,140 crore.

At 3:30 pm, the shares of Natco Pharma closed at Rs 882.05 or 3.52% below its previous close on NSE.