The Nifty Pharma sank over 1% tracking weak markets on Wednesday. Gland Pharma led the gains being the top performer on the index while Granules tumbled 6%.
The Indian equity benchmarks plunged sharply on Wednesday as global markets slipped. At around 10:50 AM, Nifty50 was trading at 17,919.40 down 198.90 points or 1.10% and BSE Sensex at 60,336.08 down 642.67 points or 1.05%.
The Nifty Pharma was trading at 12,467.80 down 126.05 points or 1%, touching a high of 12,594.50 and low of 12,443.20 during intraday trade on Wednesday.
Gland Pharma surged over 7% at Rs1,451.21 per share to emerge among the top two overall gainers list. The pharma major has reported a 15 percent on-year decline in profit at Rs 232 crore for December FY23 quarter with lower topline as well as weak operating performance.
Glaxosmithkline Pharmaceuticals was also 0.4% higher to be the only second listed company on NSE to trade in the green on Wednesday.
Granules shed over 6% at Rs290.65 per share. Aurobindo Pharma also was 4% lower. Biocon (down 3.3%), Glenmark (down 2.5%), Zydus Life (down 1.8%), Laurus Labs (down 1.5%), Abbott and Dr Reddy's (down 1.4% each), Lupin (down 1.3%), Ipca Lab (down 1.2%) and Cipla (down 1.06%) also made significant losses on Wednesday.
Further, Torrent Pharma, Divis Lab, Pfizer, Natco Pharma, Sun Pharma, Alkem and Sanofi also dragged the overall sector by plunging between 1-0.3%.
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