Pharma exporters slump; EM currency rout hurts
Reuters Market Eye - Pharmaceutical stocks slump - Glenmark Pharmaceutical falls 6 pct, Aurobindo Pharma slumps 6.8 pct, Lupin loses 5.3 pct. Ranbaxy Laboratories down 4 pct, Cipla loses 3.6 pct, Sun Pharmaceutical Industries trading 3.4 pct lower. Dr. Reddy's Laboratories drops 2.2 pct.
Currency crisis in emerging markets could result in earnings downgrades, analysts say.
Higher export realisation due to rupee depreciation may get cancelled due to forex hedges and slowdown in other markets
Impact of currency depreciation in Russia, CIS and Latin America on FY16 earnings
Dr.Reddy -4.9
Glenmark -3.8
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Ranbaxy -3.3
Source: Motilal Oswal
(Reporting by Abhishek Vishnoi)