Pharma stocks fell by up to 5 per cent today following US President-elect Donald Trump's remarks on pricing of medicines.
Shares of Lupin declined by 2.03 per cent, Cadila Healthcare lost 1.89 per cent, Glenmark Pharma went down by 1.57 per cent, Aurobindo Pharma (1.52 per cent), Dr Reddy's Labs (1.19 per cent) and Sun Pharma (0.59 per cent) on BSE.
Among others, Dishman Pharma dipped by 5.20 per cent, Jubilant Life Sciences lost 3.80 per cent, RPG Life Sciences (3.61 per cent) and Torrent Pharmaceuticals (2.52 per cent).
"US President-elect, Donald Trump's comments on the pharmaceutical sector rattled pharma companies in India," said Karthikraj Lakshmanan, Senior Fund Manager - Equities, BNP Paribas Mutual Fund.
"With focus now on bidding drugs and a new procedure is a clear indication that companies specifically from pharma space may take a hit as there is a lot of challenges that may evolve....," said Mustafa Nadeem, CEO, Epic Research Pvt Ltd.
The President-elect emphasised on getting the drug industry back.
"Our drug industry has been disastrous. They're leaving left and right. They supply our drugs, but they don't make them here, to a large extent. And the other thing we have to do is create new bidding procedures for the drug industry because they're getting away with murder," he said.
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