Shares of Lupin Ltd fall as much as 2.3 per cent to Rs 1,070.10, their lowest since July 2014.
The stock has broken a support at Rs 1,101.40, the 76.4 per cent projection level of wave A.
The stock is riding wave C of a three-wave corrective pattern. Wave C might take the stock up to a 100 per cent projection of wave A identified at Rs 901.
RSI shows resistance in the range of 40-50, reversal may occur once RSI cuts above 50.
The stock is down 26.36 per cent this year as of Wednesday's close compared with NSE Index's 17.7 per cent gain.
At about 11.30 am, the stock was trading at Rs 1,075.40, down Rs 19.60 or 1.79 per cent.