Pharma Monday blues: USFDA warnings drag down Glenmark, Aurobindo stocks

The Nifty Pharma index fell 3.35 per cent during the day.

Regulatory worries dragged down major pharma stocks on Monday, with Glenmark Pharmaceuticals and Aurobindo Pharma leading the pack, falling 9.3 per cent and 19 per cent, respectively, on the bourses. While Glenmark’s Himachal Pradesh site received a warning letter from the US Food and Drug Administration (USFDA), Aurobindo’s unit VII in Telangana got seven adverse observations from the same regulator. 

At close, the Glenmark stock was Rs 286.3, a 52-week low, on the BSE. Aurobindo Pharma shares fell more than 20 per cent, a five-year low, during intra-day trading. The company’s scrip closed at Rs 458.50.  However, neither has an import