New Delhi, Feb. 20 -- The scimitar 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 also went on a downward spiral. Shares of Aurobindo Pharma, Dr Reddy's, Zydus Lifesciences and Sun Pharma, 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 hea...