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Nifty Pharma dips to 7-mth low; bears may gain control if breaks 52-wk low

Barring Sun Pharmaceutical Industries, which is anticipated to rally up to 10 per cent; other stocks indicate weak bias, as per technical charts

A large drug firm has 12-15 therapy divisions, and if each launches a few drugs, the company brings to the market 30-50 brands a year.
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Biocon shares slipped to a new 52-week low on Tuesday

Avdhut Bagkar Mumbai
Nifty Pharm index broke a 7-month low, post two of its constituents disappoint specification of the US Food and Drug Administration (USFDA). Shares of Cipla plunged towards its 52-week low of Rs 883.75 after the drug regulator issued eight observations to its Pithampur-based manufacturing unit. 

In similar incident, Biocon failed to meet degradation specifications necessitating the recall 3,665 bottles of antifungal medication. On Tuesday, the share price slipped to its new 52-week low.

The broad trend in the Nifty Pharm index has been satisfactory since November last year.  The index trades close to 20 per cent lower from its all-time

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First Published: Feb 21 2023 | 11:41 AM IST

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