New Delhi: Shares of Pharmaceutical companies on Friday tumbled up to 10 per cent amid reports that the Trump Administration will soon announce tariffs on pharma imports and emphasised that the measures will be “unprecedented”.
According to reports, President Trump has said that tariffs on pharmaceuticals and semiconductors will be announced shortly, emphasising that the measures on pharmaceutical imports will be unprecedented.
The US has announced 26 per cent reciprocal tariffs on India saying New Delhi imposes high import duties on American goods.
Reacting to the reports the stock of Aurobindo Pharma plunged 11 per cent to Rs 1,049.85 apiece on the, Laurus Labs tumbled 9.5 per cent to Rs 561.55, Ipca labs decreased 9.3 per cent to Rs 1,357.80, Lupin dipped 8.41 per cent to Rs 1,918.20, Biocon 7.03 per cent to Rs 321.25, and Cipla declined 7 per cent to Rs 1,390.35.
In addition, Marksans Pharma’s shares depreciated 6.7 per cent to Rs 217.40 per piece, Dr Reddys Laboratories declined 6.5 per cent to Rs 1,076.40 — also its 52-week low — Shilpa Medicare fell 6.4 per cent to Rs 633, and Sun Pharmaceutical Industries slipped 6.33 per cent to Rs 1,658.
Also, the scrip of Gland Pharma dipped 6 per cent to Rs 1,468.25 per share, Ajanta Pharma fell 5.4 per cent to Rs 2,480.05, Wockhardt depreciated by 5 per cent to hit a lower circuit band of Rs 1,347.55 on the exchange.
In Morning trade on Friday, the BSE healthcare index declined 1,347.88 points or 3.22 per cent to 40,522.91, while the 30-share BSE Sensex slumped 680.18 points or 0.89 per cent to 75,615.18.
Earlier, the Trump administration had exempted pharmaceuticals and semiconductors from the reciprocal tariff policy. Accordingly, shares of Pharmaceutical companies on Thursday had settled with gains of as much as 7 per cent.
