Nifty Pharma in a steep nosedive, index dips 430 pts as Dr Reddy's slump 8% after Q1; Aurobindo, Cipla, Lupin drag too

Nifty Pharma index has slipped to at least nearly 435 points with an intraday low of 14,246.15.

Jul 27, 2021 12:07 IST India Infoline News Service

Pharma stocks were in a steep fall on Thursday led by a broad-based selloff frenzy, especially in heavyweights. June 2021, vaccination drive and active Covid-19 cases are shaping markets outlook for this sector. The Nifty Pharma index has slipped to at least nearly 435 points with an intraday low of 14,246.15 today. The index traded near the day's low with 9 scrips declining and only one advancing.

At around 12.41 PM, Nifty Pharma was trading at 14,220.20 down by 432.35 points or 2.95%.

Dr Reddy's Lab was the top bear on the index nosediving by nearly 8% after announcing June 2021 quarter. The company posted a net profit of Rs5,708cr in Q1FY22 down by 1% yoy but rising by a whopping 58% qoq. Consolidated revenue was at Rs49,194cr registering a growth of 11% yoy and 4% qoq. Its India business posted year-on-year growth of 69% and sequential growth of 26% was primarily driven by an increase in sales volumes of our existing products, led by an increase in the sale of covid drugs due to the severe second wave witnessed in India.

Furthermore, Aurobindo Pharma dived over 3.5%, while Cipla and Lupin plunged nearly 3% each.

Sun Pharma dropped by 2.1%, while Biocon contracted by 1.9%. Divis Lab fell more than 1%, whereas Torrent Pharma shed 0.8% and Cadila Healthcare logged marginal downside.

Alkem Lab was the only gainer on the index soaring by nearly 1%.

According to Ministry of Health and Family Welfare data, India reports less than 30,000 daily cases after 132 days; 29,689 new cases in the last 24 hours. 42,363 patients recovered during the last 24 hours.

Also, India's Active caseload is less than 4,00,000 after 124 days; currently at 3,98,100. 44.19cr Vaccine Doses administered so far under Nationwide Vaccination Drive.

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