Pharma shares underperform in a firm market; Glenmark, Ipca Labs fall 6%

In the past month, the S&P BSE Healthcare index underperformed the market by falling 5 per cent, as compared to 5.4 per cent rise in the S&P BSE Sensex

Shares of pharmaceutical companies fell up to 6 per cent on Monday due to profit-booking even as the benchmark indices hit their respective record high levels.

Among individual stocks, Glenmark Pharmaceuticals and Ipca Laboratories slipped 6 per cent, while Cipla, Laurus Labs, Neuland Laboratories, Caplin Point Laboratories, Strides Pharma Science and Novartis India were down in the range of 2 per cent to 4 per cent on the BSE.

At 12:47 pm, the S&P BSE Healthcare index, the sole loser among sectoral indices, was down 0.39 per cent, as compared to 1.1 per cent rise in the S&P