Lab stocks scramble for new growth in India as Covid gains halve

India’s listed clinical laboratories are looking for new sources of growth to fuel investor interest after seeing their massive coronavirus-fueled stock rallies more than halved in recent months.
 

Surging healthcare spending and demand for Covid tests led to multifold share-price gains for pathology firms globally during the pandemic. Those gains have started to fade as outbreaks ease and countries look to reopen, while concerns over higher interest rates have sparked a flight from risky investments including biotech.

The tumble in Indian lab stocks has accelerated since the start of the year after disappointing results. The nation’s longest-listed pathology company