Pharma stocks lagged behind in the Nifty 50 on Wednesday, with the Nifty Pharma sectoral index dropping 2.54% to 20,437.50, and the Nifty Healthcare index falling 2.34% to 13,153.20 in early trading.
Three of the five biggest losers in the Nifty 50 were pharmaceutical stocks. Dr. Reddy's Laboratories saw the largest decline, falling 2.71% to Rs 1,165, followed by Sun Pharma, which dropped 2.15% to Rs 1,664.95, and Cipla, which fell 1.72% to Rs 1,456.65.
The slump in pharma stocks continued as other major companies also saw significant losses, with Aurobindo Pharma falling 9.5% to Rs 1,052.70, Lupin losing 6% to Rs 1,892.75, and Zydus Lifesciences dropping 6.5% to Rs 855.10.
This decline followed news that US President Donald Trump is likely to impose a 25% tariff on imports of pharmaceuticals, automobiles, and semiconductor chips.
In the early stages, the tariff will apply to pharmaceutical imports, and it is expected to increase significantly over the next year. However, Trump did not specify a date for the tariff's implementation but suggested that companies would have time to relocate their manufacturing operations to the US.
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