Pharma Stocks Decline Amid Tariff Threats - PTI

New Delhi, Feb 19 (PTI) Many pharma stocks ended lower on Wednesday amid fresh tariff concerns.

Shares of Dr Reddy's dropped 2.63 per cent, Zydus Lifesciences went lower by 2.47 per cent, Aurobindo Pharma declined 2.41 per cent, Lupin fell 1.75 per cent, Sun Pharma (1.46 per cent), Cipla (1.21 per cent) and Glenmark Pharma (0.71 per cent) on the NSE.

The Nifty pharma index declined 0.71 per cent to 20,820.

US President Donald Trump announced plans to impose 25 per cent tariffs on auto, semiconductor, and pharmaceutical imports from April'25, a move that could hamper international trade and dampen global market sentiments, Siddhartha Khemka, Head -- Research, Wealth Management, Motilal Oswal Financial Services Ltd, said.

"This impacted Nifty Pharma index, which declined 0.7 per cent with selling pressure seen in several export-oriented pharma companies," Khemka added.

In a volatile trade, the 30-share BSE benchmark Sensex dipped 28.21 points, or 0.04 per cent, to settle at 75,939.18. The NSE Nifty skidded 12.40 points, or 0.05 per cent, to 22,932.90.

"Pharma stocks were weighed down by Trump's announcement of tariffs," Satish Chandra Aluri, Analyst, Lemonn Markets Desk, said.

"During the day, pharma stocks remained under pressure as US President Donald Trump plans tariffs of around 25 pc on automobile, semiconductor and pharmaceutical imports," Ameya Ranadive, Chartered Market Technician, CFTe, Sr Technical Analyst, StoxBox, said.