Pharma stocks continue to remain under pressure

Pharma stocks further weakened today, falling by up to 6 per cent, amid concerns over ban on several drug products which may hit revenue of these firms.
Shares of Venus Remedies tumbled 5.90 per cent, Lupin was down 4.23 per cent and Natco Pharma dipped 3.23 per cent on BSE.
Sharon Bio-Medicine lost 3.08 per cent, Sanofi India dipped 2.99 per cent, Biocon (2.19 per cent), Glenmark Pharma (2.04 per cent) and Pfizer (1.37 per cent).
Lupin and Cipla were the top losers among the 30-Sensex components.
Led by losses in these stocks, the BSE heathcare index fell by 1.24 per cent to end at 15,394.61.

Health Ministry through a gazette notification had banned over 300 fixed dose combination drugs, including cough syrup compositions, saying they involve "risk" to humans and safer alternatives were available.

"The prohibition is likely to have an adverse impact on the revenue and profitability of the company... Corex recorded sale of Rs 176 crore for the nine month period ended December 31, 2015," Pfizer had said.
Healthcare major Procter and Gamble yesterday got interim relief from the Delhi High Court which stayed till March 21 government's decision banning sale of its cough-and-cold medicine Vicks Action 500.
Similar reliefs have been given to pharma major Pfizer's cough syrup Corex, Abbott Healthcare and Macleods Pharmaceuticals whose certain combination medicines were banned by the Health Ministry.