Pharma Stocks Plummet Amid New US Tariffs
Pharma stocks took a hit after US President Trump announced 100% import tariffs on branded and patented drugs, leading to significant declines for companies like Wockhardt and Sun Pharma. The BSE healthcare index fell 1.39%, and the overall market sentiment weakened as a result.
- Country:
- India
In a significant downturn, pharma stocks slid on Friday morning following US President Donald Trump's announcement of 100% import tariffs on branded and patented pharmaceutical products. This move has stirred investor concerns, resulting in plummeting stock values for major firms in the sector.
Wockhardt Ltd, Natco Pharma, and Sun Pharma are among the companies that saw notable declines, with the BSE healthcare index itself dropping by 1.39%. The tariffs are set to be effective starting October 1, and investors are bracing for potential impacts on the pharma sector.
Market experts highlight the hit to market sentiment not just from these tariffs but also due to sustained pressure on IT stocks. As traders assess the implications, the BSE Sensex and NSE Nifty both posted significant losses by mid-day trading.
(With inputs from agencies.)
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