At around 2.56 PM, Nifty Pharma was trading at 14,319.60 lower by 130 points or 0.90%. The index has touched an intraday high and low of 14,505 and 14,316.30 respectively.
Divis Lab was the top underperformer plunging 1.7%, while Torrent Pharma dived 1.6%. Alkem Lab and Cadila Healthcare dipped more than 1% each.
Major stocks like Lupin, Sun Pharma, Cipla and Dr Reddy's Lab dived nearly 1% each.
Biocon and Aurobindo Pharma were marginally down.
The government revised the export policy of Remdesivir injection and Remdesivir Active Pharmaceutical Ingredients (API). The Centre keeps Remdesivir in the 'restricted category' now.
As per the Ministry of Health and Family Welfare data, India reports 60,471 daily new cases in the last 24 hours; the lowest after 75 days. 1,17,525 patients have recovered during the last 24 hours. Daily recoveries continue to outnumber the Daily New Cases for the 33rd consecutive day.