Pharma stocks decline; Wockhardt tumbles over 6 pc

New Delhi, Sep 26 (PTI) Pharma stocks fell in morning trade on Friday as investors grew concerned after US President Donald Trump announced import taxes of 100 per cent on branded and patented pharmaceutical drugs.

Wockhardt Ltd tumbled 6.58 per cent, Natco Pharma tanked 5.46 per cent, Sun Pharma dropped 4.96 per cent, Indoco Remedies edged lower by 4.70 per cent, Glenmark Pharma fell by 2.88 per cent, Aurobindo Pharma 2.44 per cent and Dr Reddys dipped 2.31 per cent on the BSE.

The BSE healthcare index dropped 1.39 per cent to 43,376.04.

"Indian markets opened on a cautious note and weakened further as sustained selling in IT and renewed pressure on pharma stocks, following a steep hike in US tariffs, weighed on sentiment," Ponmudi R, CEO of Enrich Money, an online trading and wealth tech firm, said.

Investor attention will squarely be on the domestic pharma sector after the Trump Administration announced a 100 per cent tariff on imports of branded and patented pharmaceutical products effective October 1, he added.

In the equity market, the 30-share BSE Sensex traded 373.51 points lower at 80,793.03, and the 50-share NSE Nifty quoted 110 points down at 24,780.80.

"President Trump’s tantrums with tariffs are resuming with new tariff imposts on patented and branded drugs," VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, said. PTI SUM SUM DR DR