New Delhi, April 9 -- Indian pharma stocks, including Sun Pharmaceutical Industries, Gland Pharma, Lupin and others traded sharply lower on Wednesday after the US President Donald Trump said he will soon announce a 'major' tariff on pharmaceutical imports. Fall in pharma stocks dragged the Nifty Pharma index more than 2% lower.

Speaking to an event at the National Republican Congressional Committee, Trump said the tariff will incentivize drug companies to move their operations to the US, Reuters reported.

President Donald Trump's sweeping reciprocal tariffs on dozens of countries are scheduled to take effect on Wednesday, including a substantial 104% duty on Chinese goods. This move marks an escalation in the ongoing global trade confli...