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Pfizer, P&G stock down by up to 3% on drug ban

Pfizer stopped sale of cough syrups Corex and Phensedyl after govt banned over 300 fixed dose combination drugs

New York City Pfizer World Headquarters   Photo courtesy: Wikimedia commons
New York City Pfizer World Headquarters Photo courtesy: Wikimedia commons

Shares of Pfizer and Procter and Gamble (P&G) Tuesday fell by up to 3% amid concerns over ban on their popular drug products.

Pfizer shares went down by 2.88% to Rs 1,710 on BSE as the company has discontinued the manufacture and sale of popular cough syrup Corex with immediate effect.



Shares of Pfizer had slumped 9% in the previous session also.

P&G's stock fell by 2.21% to Rs 5,992.80 following the company discontinuing manufacture and sale of its popular brand 'Vicks Action 500 Extra' with immediate effect after the government banned fixed dose combination drugs.

On Monday, drug majors Pfizer and Abbott stopped sale of their popular cough syrups Corex and Phensedyl respectively, after the government banned over 300 fixed dose combination (FDCs) drugs.

Pfizer has discontinued the manufacture and sale of Corex cough syrup with immediate effect after the government banned fixed dose combination of Chlopheniramine Maleate+ Codeine Syrup.

"The above 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," the company had said.