Twelve of the 20 stocks on the sub-index traded lower. Sun Pharma, India's top drugmaker by revenue, fell 2%, and Dr Reddy's slipped 4% to its lowest level since June.
The sub-index pared some losses and was trading 0.7% lower as of 10:44 a.m. IST.
India's pharma exports to the country stood at $8.73 billion in fiscal 2024 - a nearly 16% increase from previous year - accounting for about 31% of the industry's overall exports, as per data from government-backed trade body Pharmaceuticals Export Promotion Council of India (Pharmexcil).
The U.S. President on Tuesday told reporters that sectoral tariffs on pharmaceuticals and semiconductor chips would begin at “25% or higher”, rising substantially over the course of a year, but did not provide a date for the announcement of the duties.
“Even if these companies start setting up manufacturing within U.S. borders, it is a long way to go as they would need fresh approvals and also labour which is costlier in the U.S. compared to India,“ Akolkar said.
Pharma stocks have lost about 12% so far this year, while the benchmark Nifty 50 declined 4%.
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