New Delhi, May 12 -- Shares of Indian pharmaceutical companies plunged close to 6% on Monday after US President Donald Trump proposed sweeping price cuts on prescription drugs and pharma prices in the US, although experts said Indian companies may not be affected significantly.

Trump said in a post on social media site Truth Social that he would sign an executive order at 9 am on Monday morning to bring down the prices of prescription drugs and pharmaceutical prices by 30% to 80% "almost immediately." He said the objective is for the US to pay the same price as the nation that pays the lowest price for a drug anywhere in the world.

It was unclear whether the order would include generic versions of medicines that make up the bulk of the ...