New Delhi: Pharma stocks were under selling pressure, falling up to 5 per cent, led by Biocon and Dr Reddy’s Lab.
Shares of Morepen Laboratories fell by 4.79 per cent, Biocon slipped 4.78 per cent, Dr Reddys Lab dipped 3.76 per cent and Sun Pharma Advanced Research Company (3.48 per cent).
Also, RPG Life Sciences fell by 3.15 per cent, Jubilant Life Sciences (2.25 per cent), Aurobindo Pharma (2.18 per cent), Glenmark Pharmaceuticals (1.92 per cent) and Lupin (0.24 per cent).
The BSE healthcare index fell by 0.94 per cent to settle at 13,877.80. “Pharma sector continued to face US regulatory and pricing pressure which refrained investors to give focus even at the low valuation,” said Vinod Nair, Head of Research, Geojit Financial Services Ltd.
Also there was reports in the media that Biocon has got Form 483 with 10 observations from USFDA for Bangalore plant. Reacting to this, shares of the company plunged 9.13 per cent to Rs 341 in intra-day trading session on BSE. The 30-share key BSE index started on a bearish note, but late buying helped it settle up 87.53 points, or 0.27 per cent, at 32,325.41.