Pharma shares extend fall; Lupin nears 52-week low

Sun Pharma, Lupin, Aurobindo Pharma and Natco Pharma were down more than 3% each,

Shares of pharmaceutical companies remained under pressure in monring deals on Friday, with most of the frontline stocks trading lower by over 2% on the BSE.

Sun Pharmaceutical Industries, Lupin, Aurobindo Pharma and Natco Pharma were down more than 3% each, while Wockhardt, Glenmark Pharmaceuticals, Indoco Remedies and Ajanta Pharma down between 2%-3% on the BSE.

Read more from our special coverage on "PHARMA SECTOR"

• Pharma firms seek to jointly address quality concerns
• Sandoz Inc, Macleods Pharma recall 2 drugs made in India
• Pharma companies hopeful on US biz

At 09:57 AM, the S&P BSE Healthcare index was down nearly 2% as compared to 0.24% rise in the S&P BSE Sensex.

In past four trading sessions, the pharma index underperforming the market by falling 5.7% as United States Food and Drug Administration (USFDA) observations on Lupin’s plant is overhangs for pharma companies. The benchmark index reported a marginal 0.31% decline during the same period.

Lupin has dipped nearly 5% to Rs 1,598, its lowest level since July 29, 2015 on the BSE. The stock trading at close to its 52-week low of Rs 1,589 touched on May last year during intra-day trade.

In past four trading sessions, the share of drug maker has fallen 14% from Rs 1,869 after the company on Tuesday said that the United States Food and Drug Administration (USFDA) inspected Lupin’s Goa facility last week and cited 9 observations.

The observations are on aspects such as inadequacy and adherence to standard operating procedures and we are in the midst of putting together a response to address the USFDA’s observations, Lupin said on a clarification on news report.

Name	14/03/2016	LTP	% chg
Lupin	1868.50	1616.00	-13.51
Natco Pharma	504.55	452.45	-10.33
Wockhardt	994.60	930.00	-6.50
Sun Pharma	864.00	809.65	-6.29
Sanofi India	4427.45	4155.00	-6.15
Pfizer	1760.80	1655.00	-6.01
Ajanta Pharma	1416.75	1333.00	-5.91
Abbott India	4866.75	4630.25	-4.86
Glenmark Pharma.	830.85	791.15	-4.78
Divi's Lab.	1011.60	970.75	-4.04
Dr Reddy's	3234.35	3117.50	-3.61
Aurobindo Pharma	735.10	709.00	-3.55
Strides Shasun	1063.85	1030.60	-3.13
Cipla	538.05	522.45	-2.90
Cadila Health.	348.55	339.00	-2.74
Sensex	24804	24803	0.0
Healthcare index	16024	15181	-5.3
LTP : Last traded price on BSE in Rs at 10:09 AM.