Nifty Pharma shed 1% amid rising COVID cases; Heavyweights Cadila, Dr Reddys, Lupin drag

Cadila Healthcare was the biggest laggard at Rs482.55 per piece lower by 3.43%, while Dr Reddy's was 3.14% down dragged the sector most

Apr 13, 2021 11:04 IST India Infoline News Service

Businessman sleeping with bear with down trend graph
Nifty Pharma index drove the index despite bullish equity markets on Tuesday due to rising daily covid cases across the country. In the last 24 hours, India recorded 1,61,736 new Covid cases taking the overall cases to 1,36,89,453 infections. 

Pharma stocks extended losses during Tuesday's mid-trading session with heavyweight pharma stocks emerging as top underperformers. Nifty Pharma was in a bloodbath with only 3 scrip advancing and 7 scrips declining. The index emerged as the top bear along with Nifty IT dragging benchmark Nifty 50 down.

At around 11:25 AM, Nifty Pharma was trading at 12,834.85 lower by 127.00 points or 0.98%. The index has tumbled to an intraday low of 12,770.50.

Alkem Laboratories performed as the top bull surging by 1% at Rs2,775.35 per piece. Biocon and Sun Pharma followed with nearly 0.5% upside each. Recently, Biocon said that the wholly-owned subsidiary, Biocon Pharma has received a GMP compliance certificate from MHRA, UK.

Torrent Pharma, Divis Laboratories dragged the sector by nearly 1% each.

Heavyweights Cipla also lost 0.78%, Lupin also were down 0.83% at Rs1,036.30 per piece on the index.

Aurobindo Pharma plunged by near 1.58% at Rs900.75 per piece.

Cadila Healthcare was the biggest laggard at Rs482.55 per piece lower by 3.43%, while Dr Reddy's was 3.14% down dragged the sector most.

On Tuesday, Dr. Reddy’s Laboratories announced that it has received the permission from the Drug Controller General of India (DCGI) to import the Sputnik vaccine into India for restricted use in emergency situations.

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