You are using an older browser version. Please use a supported version for the best MSN experience.

Pharma stocks fall by up to 6% on heavy selling pressure

LiveMint logoLiveMint 23-05-2017 PTI

New Delhi: Pharma stocks on Tuesday witnessed heavy selling pressure, falling up to 6% in an overall weak broader market.

Shares of Aurobindo Pharma tumbled 5.94%, Orchid Pharma tanked 5.57%, Cipla went down by 4.89% and Morepen Lab (4.76%) on BSE.

Among others, Sun Pharma dipped 4.33%, Lincoln Pharma (4%), Biocon (3.68%), Neuland Lab (3.68%), Vivimed Labs (3.67 per vent), Wockhardt (3.67%), Cadila Healthcare (3.61%), Torrent Pharma (3.39%), Divis Lab (3.29%), Dishman Pharma (2.82%), Glenmark Pharma (2.65%), Dr Reddys Lab (1.13%) and Lupin (1.10%).

Lupin, Aurobindo Pharma, Wockhardt and Glenmark touched their respective 52-week low in intra-day trade. Led by losses in these stocks, the BSE healthcare index fell by 2.72% to close at 14,216.70.

“The Pharma index was the worst performer on the NSE and the BSE in trading today. Pharma stocks were spooked by the quarterly results of Taro Pharmaceuticals, which is the overseas arm of Sun Pharma. “The reason Taro Pharma is important for pharmaceutical sector in India is that it is seen as representative of the vast Indian generics business in the US,” said Sarabjit Kour Nangra, vice president research (pharma), Angel Broking.

The BSE benchmark Sensex tumbled 206 points to end at 30,365.25.

Also Read: Nifty closes below 9,400, Sensex sheds 206 points on profit booking, pharma stocks fall

“Pharma continued to taste bitterness in earnings due to high competition which is impacting the sentiment of the sector for the long-term,” said Vinod Nair, Head of Research, Geojit Financial Services Ltd.

More From LiveMint

image beaconimage beaconimage beacon