Lupin drags Nifty Pharma by ~3%

The Nifty Pharma index was trading ~3% lower in Thursday’s morning session. Shares of Sun Pharma, Glenmark Pharma, and Cipla, which dropped over 2.5%, also contributed to the index’s fall.

May 16, 2019 04:05 IST India Infoline News Service

pharma stocks LUPIN
Selling was seen across the pharma space as the day progressed – Lupin tanked 5% to Rs746. The Nifty Pharma index was trading ~3% lower in Thursday’s morning session.

Lupin dropped 5% after the company said it has received three observations from the USFDA for its Aurangabad manufacturing facility. The company posted a net profit of Rs289.56cr in the quarter ended March 2019 as against a net loss of Rs783.54cr during the previous quarter ended March 2018.

Shares of Piramal Enterprises and Cadila, which slumped 4% each, were leading the index’s fall.

Shares of Sun Pharma, Glenmark Pharma, and Cipla, which dropped over 2.5%, also contributed to the index’s fall.

On the other side, Aurobindo Pharma, Divi’s Lab and Biocon were trading marginally down on the pharma index.

Meanwhile, the Indian currency opened higher on the second consecutive day after reports of US deciding to extend the imposition of tariffs on auto imports by six months amid US-China trade tensions. It opened in green at 70.24/$ against the US dollar. However, investors remained cautious ahead of exit poll results due on May 19 and final results on May 23, 2019.

The Sensex was quoting at 37,156, up 41 points, while the Nifty was at 11,169, up 12 points. The market breadth was negative on the NSE with 674 shares advancing, 918 shares declining, and 495 remaining unchanged.

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