Lupin fell 2 per cent as investors turned cautious ahead of its second quarter earnings report due later in the day.
At 10.10 am, the stock was down 2.12 per cent or Rs 43.50 at Rs 2,009.90 on the BSE.
Second quarter earnings may lag estimates, say traders. Q2 net profit seen near Rs 520 crore, they added.
Consensus estimate for Q2 net profit was at Rs 568 crore, according to Eikon data.
A company spokesman declined to offer any comment.