mumbai, Feb. 20 -- The sword of import tariffs wielded by US President Donald Trump has sent investors and markets scurrying for cover across the world and across industries. On Wednesday, it was the turn of the pharmaceutical industry.
Trump's indication to impose 25% tariff on pharmaceutical imports into the US sent the Nifty pharma index slumping 3% in early trade, although it recovered to close about 0.7% lower on Wednesday.
Stocks of large generic drug manufacturers slumped: Aurobindo Pharma, Dr. Reddy's, Zydus Lifesciences and Sun Pharmaceuticals, which have strong presence in the US, slipped by up to 9.5%, 5.8%, 4.8% and 3.2%, respectively, in intra-day trading.
The uncertainty was fuelled by the heavy dependence on US exports for...